Ilika PLC (AIM:IKA, OTCQX:ILIKF) shares rose 8% in early afternoon trading after the solid-state battery developer announced a £3.5 million fundraise to support upcoming commercial licence negotiations for its Goliath technology.
The capital injection, which lifts the company’s market capitalisation to £58.7 million and enterprise value to £48.6 million, gives Ilika greater balance sheet strength ahead of talks with prospective partners.
Cavendish said the funding enhances its negotiating position by removing the immediate need for short-term financing, allowing management to focus on securing longer-term value through multiple licensing deals.
Goliath, Ilika’s large-format solid-state battery platform, continues to gain traction with potential licensees.
Results from phase one evaluations have shown that the company’s oxide-based battery delivers performance in line with specifications, with reproducible outcomes across different duty cycles and test conditions.
Cavendish described these results as “globally relevant,” particularly when compared with peers such as QuantumScape and ProLogium, which are still working with hybrid semi-solid technologies containing liquid electrolytes.
Ilika’s design, which can be manufactured using existing gigafactory equipment, is likely to appeal to automotive original equipment manufacturers and Tier 1 suppliers.
The company’s strategy to license its technology across multiple partners is seen as a potential route to gaining greater market share and future valuation upside. Cavendish reiterated its 133p target price.
The shares are currently changing hands for 35.73p, up 2.73p.