Ilika PLC (AIM:IKA, OTCQX:ILIKF) shares jumped 5% on Thursday morning after the company announced a major breakthrough in its solid-state battery technology, successfully prototyping a 50Ah Goliath battery for electric vehicles.
This milestone, achieved through the Faraday Battery Challenge HISTORY programme, is a significant step towards commercialising Ilika’s next-generation battery, which aims to lower costs, extend EV range, and speed up charging times.
The development follows Ilika’s recent demonstration of giga-scale manufacturing at the UK Battery Industrialisation Centre. It also builds on progress made in 2024, including commercial testing, prototype shipments, and safety validation.
Ilika will now refine the battery based on initial test results before launching a build-and-test programme in late 2025. The first optimised units are expected to be ready for partner evaluation by year-end, moving the company closer to bringing solid-state EV batteries to market.
Repeating its 83p price target, boutique investment bank Cavendish said: "Ilika anticipates commencing production of its MVP [minimum viable product] in the second half of this year for partner testing and evaluation.
"We therefore iterate that 2025 looks like it will be a major tipping point for Ilika and that its Goliath SSBs look set to attract multiple partners in addition to its work with Agratas/Tata, which we believe will lead to a significant rerating."
In early trading, the stock was up 1.89p at 43.89p.