Ilika PLC (AIM:IKA, OTCQX:ILIKF) hailed the milestones achieved in the past year and said its current main focus is transferring manufacturing to its US partner.
Results for the year to 30 April 2023 showed the company had £15.9mln of cash in the bank at the end of the period, from £23.4mln a year earlier.
Still largely in the pre-revenue period, it made a £7.3mln loss on mostly grant income of £0.8mln, compared to £7.1mln on £0.5mln the year before.
Having made the first shipments of initial samples of its ultra-small Stereax batteries to a range of customers, it is looking to finalise the contract and then the tech transfer to Cirtec Medical’s facilities in the US.
Once the terms of the partnership are finalised and the contract is in place, Ilika said it plans to transfer the manufacturing equipment from its UK facility to Cirtec's factory in Lowell, Massachusetts.
The first expected shipments of batteries from Cirtec are expected next calendar year, with the UK company expressing its intention to also work with Cirtec and its customers to develop the next generation of Stereax batteries in a wider array of sectors.
Ilika chairman Keith Jackson said making the first Stereax deliveries in April was “a significant milestone”, which demonstrates the focus on product commercialisation and allows the company to “focus on its core expertise in technology development and licensing”.
He added: “Having now revised expectations for the timelines required for Stereax commercialisation, we are in a strong position to deliver on our plans going forward.”
For Goliath, the large format batteries designed for longer-range vehicles, the company said it expects to deliver data showing lithium-ion energy density equivalence by the end of this year and to share prototype cells with partners in the first half of 2024.
In parallel with working on improving cell performance in the lab, Ilika said it aims to invest around £1.9mln in equipment to increase its capacity to produce cells, from the funds it raised in 2021 for this purpose.
Another £2.8mln of grant funding from the Faraday Battery Challenge will go towards developing high-silicon anode Goliath batteries, following the award in January.
Against a background of recent solid-state battery headlines being made by Toyota, Jackson said: “This is an exciting time for the Goliath programme as we push towards the next phase of partner evaluation in 2024, and our ultimate goal of large-scale deployment through licensing."