Ilika achieves pivotal breakthrough in Goliath battery programme

Ilika PLC is a pioneer in a ground-breaking solid-state battery technology designed to meet the specific demands of a wide range of applications in medtech, industrial IoT, electric vehicles and consumer electronics.

The company is headquartered in the UK and has operations in the USA, China and Israel.

Ilika PLC (AIM:IKA, OTCQX:ILIKF) plans to raise up to £3.5 million through a share placing, retail offer and director subscriptions, as it seeks to fund the commercialisation of its solid-state battery technologies.

The AIM-quoted company said on Thursday it would raise £3 million via a placing of new shares at 33 pence each. The price represents a 2.9% discount to the closing mid-market price of 34 pence on 20 May. 

In addition to the placing, Ilika will offer existing UK shareholders the chance to subscribe for up to 1.5 million new shares via a separate retail offer through the Bookbuild platform. 

Proceeds will be used to advance the company’s two product lines. Up to £1.1 million will be directed to its Stereax miniature battery programme, covering technology transfer to manufacturing partner Cirtec, testing and validation, and customer support.

Ilika PLC has announced a key development in its Goliath solid-state battery programme, reporting that its 2Ah P1 prototype cells have completed external testing with original equipment manufacturers (OEMs) and tier one suppliers.

These evaluations produced positive outcomes, reinforcing the validity of the company’s design and performance targets.

Shares in Ilika PLC (AIM:IKA, OTCQX:ILIKF) rose as much as 5% on Thursday after the company confirmed its prototype solid-state battery cells have met performance targets in third-party tests, a key step towards commercial traction.

The P1 Goliath prototypes, which have been undergoing evaluation by automotive manufacturers and suppliers, were found to meet targets on energy capacity, charge rate, and durability.

Ilika PLC (AIM:IKA, OTCQX:ILIKF) is a British technology company that appears to be enjoying success whilst retaining plenty of runway to keep moving higher.

The London-listed company is creating significant shareholder value, powered by a pair of potentially transformational battery technologies.

Ilika PLC (AIM:IKA, OTCQX:ILIKF) shares rose 8% in early afternoon trading after the solid-state battery developer announced a £3.5 million fundraise to support upcoming commercial licence negotiations for its Goliath technology.

The capital injection, which lifts the company’s market capitalisation to £58.7 million and enterprise value to £48.6 million, gives Ilika greater balance sheet strength ahead of talks with prospective partners.

Cavendish said the funding enhances its negotiating position by removing the immediate need for short-term financing, allowing management to focus on securing longer-term value through multiple licensing deals.

Ilika PLC (AIM:IKA, OTCQX:ILIKF) CEO Graeme Purdy joined Proactive's Stephen Gunnion with news of the successful commissioning of manufacturing equipment for Stereax batteries at Cirtec Medical’s facility in Lowell, Massachusetts, in the US. He explained that the company has completed commissioning and is moving into process qualification, with commercial sales anticipated later this year.

Purdy discussed the partnership with Cirtec, emphasising its role as a tier-one manufacturing company catering to leading medical device OEMs. This collaboration involves a ten-year licensing agreement, with Ilika retaining responsibility for manufacturing proprietary cathodes in the UK before final assembly in the US.

Purdy also highlighted the unique features of Stereax batteries, designed for active implantable medical devices. Their miniaturisation and high energy density are enabling innovative applications in medical technology, reducing surgical interventions and improving patient recovery.