Ilika PLC (AIM:IKA, OTCQX:ILIKF) said it is on target for the mass adoption of solid-state battery technology after good progress in both arms of the business over the past twelve months.
In the current year, the medical division Stereax will focus on commissioning activities and engineering lots to qualify the process fully in readiness for commercial samples, production of which is expected in late 2024.
At its auto arm, Goliath, the aim is to reach the D8 development milestone by the end of the HISTORY programme grant in the first quarter of 2025, "underpinning licensing opportunities alongside a pre-pilot production facility targets capacity increase to 1.5 MWh/a".
Graeme Purdy. chief executive, added: “Our contract with Cirtec is an enormous achievement and represents a significant opportunity to scale Stereax at pace through a partner that boasts a strong track record in the commercialisation of miniature medical devices.
"We are confident that the partnership positions Ilika well to deliver high-quality, reliable and scalable supplies of Stereax batteries to our customers.
"[At Goliath] discussions with commercial and grant partners are in progress and the development programmes are being aligned to the timelines planned for market roll-out by the OEMs involved.
“Current estimates are that the UK EV battery market will be worth ca. £9bn by 2030 and Ilika is positioning its technology to be ready for that opportunity."
Losses in the year to end April 2024 dropped to £5.75 million (2023{ £8.93 million) on sales of £2.1 million (£700,000).