Ilika PLC (AIM:IKA, OTCQX:ILIKF) has made 'significant progress' with its Stereax and Goliath battery lines, according to CEO Graeme Purdy, who provided the analysis alongside first-half results.
He noted the company has worked closely with Cirtec Medical to set up production equipment for Stereax at its US facility. Stereax is targeting the medical device market, with revenues expected to start this year.
For Goliath, Ilika achieved two key milestones, including increasing energy capacity fivefold compared with its first prototypes released in 2024, the Ilika CEO added.
These batteries are designed to help electric vehicle (EV) manufacturers improve safety, reduce costs, and increase range. More advanced prototypes are planned for 2025.
Stereax production is well underway. Equipment installation at Cirtec’s cleanroom in Massachusetts is nearly complete. The focus is now on commissioning, trial batches, and preparing for commercial samples in 2025. Ilika is promoting Stereax for implantable medical devices and supporting 21 customers with development plans.
Goliath is progressing too. Ilika began testing its first prototype batteries with customers and shipped a batch to a Tier 1 partner. The company validated safety improvements over standard EV batteries and achieved another key milestone by delivering a 10Ah prototype.
Financially, Ilika’s revenue for the six months ended October 31 was £1m, including £900,000 in grants. Cash stood at £10.1m after a £2.3m fundraising. Losses held steady at £1.9m.
Looking ahead, Stereax revenues are expected in 2025, while Goliath will progress to new prototypes and expand its pilot production capacity. Ilika plans to scale up and capitalise on growing commercial interest in its innovative battery technology.