Ilika PLC (AIM:IKA, OTCQX:ILIKF), a leader in solid-state battery innovation, has reported progress on its Stereax and Goliath battery programmes - technology developed to enhance medical devices and electric vehicles.
Stereax batteries are compact, solid-state power units designed for active implantable medical devices and wireless sensors.
Ilika has been working with Cirtec Medical LLC to finalise the manufacturing process at Cirtec’s cleanroom facility in Lowell, Massachusetts.
Trial production runs are underway, with commercial samples of the Stereax M300 battery expected in 2025.
Ilika and Cirtec are collaborating with 21 customers to integrate these batteries into medical devices, aiming for faster and more cost-effective market entry.
Its Goliath batteries, created for electric vehicles and consumer appliances, also made significant strides.
Ilika shipped its first batch of prototype batteries to a major customer, meeting a key development milestone and verifying performance improvements through third-party testing.
They promise to reduce vehicle weight, lower costs, and extend driving range—key factors for competing against lower-cost imports.
The development of the Goliath range is supported by the UK’s Faraday Battery Challenge, with partnerships involving BMW and Fortescue Future Industries to enhance battery performance.
Additional funding from the Automotive Transformation Fund is aiding the scale-up of production, with trials underway at Ilika’s pilot facility and vendor sites.
Ilika is also exploring non-automotive applications for its Goliath batteries, which could offer opportunities in high-margin sectors.
The financial reveal the company is well funded with £10.1 million on the balance sheet as of October 31. It generated revenues of £1 million for the six months and a loss of £1.9 million.