Ilika reports solid first-half progress

15th Nov 2024 13:09

(Sharecast News) - Solid-state battery technology developer Ilika reported significant advancements in its Stereax and Goliath battery programmes in an update on Friday.

The AIM-traded company reaffirmed its full-year guidance, adding that for the six months ended 31 October, it expected revenue of £1m, down from £1.3m a year earlier, reflecting the timing of grant-funded projects.

It said its EBITDA loss remained stable at £1.9m, while cash reserves stood at £10.1m at the end of October, compared to £13.2m in the prior year.

Stereax batteries, designed for active implantable medical devices (AIMDs) and wireless sensors, were said to be advancing towards commercialisation.

Ilika said Cirtec Medical had completed equipment installation at its Massachusetts facility, with trial production batches underway to qualify manufacturing processes.

Commercial samples of the M300 battery were expected in 2025.

The firm said it was working with 21 customers under a 10-year licensing agreement, and would promote Stereax at US conferences early next year.

Production ramp-up was anticipated as customers completed testing and device approvals.

Ilika's Goliath batteries, targeting electric vehicles (EVs) and consumer applications, also achieved key milestones.

The company said it shipped its first batch of P1 prototypes to a tier-1 customer and met its D5 development milestone.

Third-party testing confirmed Goliath's safety and performance advantages, including reduced EV weight and extended range, critical for western OEMs facing competitive pressures from lower-cost imports.

The programme benefited from an £8.2m Faraday Battery Challenge grant, supporting high silicon content electrode integration in collaboration with BMW and Fortescue Future Industries.

Additional scale-up efforts, backed by a £2.7m grant from the Automotive Transformation Fund, involved partnerships with Mpac, the UK Battery Industrialisation Centre, and Tata Sons' Agratas.

Ilika said it was engaging automotive OEMs and exploring non-automotive markets offering higher-margin opportunities.

At 1240 GMT, shares in Ilika were up 4% at 15.34p.

Reporting by Josh White for Sharecast.com.