Ilika to raise up to £3.5 million for solid-state battery development
Published: 12:33 21 May 2025 EDT
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.
A further £2.4 million will support the development of Ilika’s Goliath large-format battery technology. Planned spending includes prototype design, equipment purchases and continued engagement with commercial partners.
The placing is being conducted through an accelerated bookbuild managed by Cavendish Capital Markets, acting as sole bookrunner and broker. The company said the share sale is not conditional on shareholder approval and is not underwritten.
Ilika is aiming to bring Stereax to commercial launch while progressing Goliath to a stage where it can secure licensing deals.
