Shares in Ilika PLC (AIM:IKA, OTCQX:ILIKF) rose as much as 5% on Thursday after the company confirmed its prototype solid-state battery cells have met performance targets in third-party tests, a key step towards commercial traction.
The P1 Goliath prototypes, which have been undergoing evaluation by automotive manufacturers and suppliers, were found to meet targets on energy capacity, charge rate, and durability.
Importantly, results were consistent across the batch, despite the cells being built on pre-pilot equipment.
In a note, Cavendish said the successful results pave the way for the next-generation P1.5 prototypes due later this year, which could show potential licensees that Ilika’s technology is both competitive and ready for industrial scale-up.
The broker said formal commercial partnerships could follow, a move it described as “a major catalyst for the stock.”
The shares were up 0.81p at 36.56p.