Ilika PLC (AIM:IKA, OTCQX:ILIKF) has raised £1.7 million through an earlier announced placing of six million shares at 28p per share, a 5.1% discount to Thursday’s closing price.
The cash will be used to "drive the roadmap" for the company's Goliath solid-state battery projects.
A total of £1.5 million will be deployed to support the development and increase the capacity of the power unit, which can be used in electric vehicles and cordless consumer electronics. Ilika will also look to upgrade its dry room.
Application will be made for the placing shares to be admitted to trading on AIM on 31 May.