Shares in Ilika PLC (AIM:IKA, OTCQX:ILIKF) (Ilika PLC (AIM:IKA, OTCQX:ILIKF), Ilika PLC (AIM:IKA, OTCQX:ILIKF)) rose 3.6% after it said it had reached a key milestone by shipping its first batch of prototype Goliath batteries to a tier-one automotive customer for external validation.
In May, Ilika began in-house testing of its P1 Goliath prototype batteries as part of a customer-sponsored programme. The recent delivery represents the transition from internal testing to customer evaluation, a crucial phase in the product development cycle.
The P1 prototype, a solid-state pouch cell featuring an NMC (nickel manganese cobalt) cathode and a silicon anode, is based on the D4 development point achieved last November.
This design-freeze point set the foundation for the prototype's release and is a critical step towards Ilika's goal of producing a minimum viable product (MVP) by 2025.
Following the timeline announced a year ago, Ilika has successfully manufactured and tested batches of P1 pouch cells.
The company is now actively engaged in several commercial programs with original equipment manufacturers (OEMs) and tier 1 automotive companies, advancing the development of its Goliath batteries.
Panmure Liberum, reiterating its 'buy' advice and 63p price target, said: "Progress commercialising Goliath continues in line with the timeframe outlined in July '23 with MVP [minimum viable product], which will underpin licensing opportunities with Tier 1 and OEM [manufacturing] companies, still expected in CY25 [current year]."
In afternoon trading the stock was changing hands for 25.9p, up 0.9p.