Ilika, the Southampton-based solid-state battery pioneer, continues to shape its position in the rapidly evolving battery market. Despite recent share price challenges, Ilika’s steady advancements in its cutting-edge Stereax and Goliath battery technologies signal a pivotal moment for the company. With commercial sales beginning for its Goliath prototypes and a strong roadmap for growth, Ilika is quietly establishing itself as a key player in the race towards safer, more efficient batteries.
Ilika has developed two distinct ranges of solid-state batteries tailored for specific high-growth markets. Its Stereax micro-batteries are engineered for medical devices and industrial IoT applications, while the rugged Goliath batteries are targeted at the booming electric vehicle (EV) market, offering transformative benefits over traditional lithium-ion batteries. Solid-state batteries like Ilika’s excel in safety, energy density, customisation, and environmental friendliness, making them highly attractive to industries looking for cutting-edge solutions.
In its half-year report, Ilika noted a decrease in revenue from £1.3m to £1m and a dip in grant funding from £1m to £900,000. Despite these financial hurdles, there were promising signs of progress. Goliath battery sales contributed £100,000, marking its first recorded commercial sales, a milestone absent in the prior period. While EBITDA losses remained flat at £1.9m, the company ended the period with £10.1m in cash reserves after a £2.3m fundraise to support its move into commercialisation.
Key achievements in the six months to October 2024 include Stereax production scaling with manufacturing partner Cirtec in the United States and significant advances in Goliath technology. Stereax production is now split between cathode manufacturing in the UK and cell assembly at Cirtec’s expanded clean-room facilities in Massachusetts, with trial batches underway to validate manufacturing processes.
For Goliath, Ilika delivered P1 prototype battery packs to a Tier One customer for performance validation in real-world scenarios. The company also achieved a breakthrough in energy density, increasing capacity fivefold to produce a 10Ah Goliath prototype, signalling steady progress towards commercial viability. These advancements underpin the company’s expectation of securing its first solid commercial revenues in 2025.
Industry experts have highlighted Ilika’s competitive edge in the global solid-state battery race. The company’s success in developing hard ceramic-oxide electrolytes for Stereax micro-batteries has already proven its commercial feasibility, and Goliath is on track to meet Minimum Viable Product criteria within a year. Broker Cavendish has set a target price of 83p, reflecting confidence in Ilika’s ability to capitalise on the surging demand for solid-state battery technologies.
While financial results highlight challenges, Ilika’s achievements in R&D and early sales milestones suggest a turning point. Its innovative solutions, particularly in the EV sector, position the company for substantial long-term growth as it aims to revolutionise battery technology.
Ilika plc (LON:IKA) is a pioneer in solid state battery technology enabling solutions for applications in Industrial IoT, MedTech, Electric Vehicles and Consumer Electronics.
