Ilika PLC (AIM:IKA, OTCQX:ILIKF) earlier this week shared progress on its Stereax and Goliath battery programs as part of its annual results, where CEO Graeme Purdy revealed that the company should be able to start recognising revenue from customer deliveries this year.
The company said both the smaller Stereax and larger Goliath had achieved key milestones and that commercial activity remains on track for 2025.
With the installation of essential Stereax manufacturing equipment at partner Cirtec Medical’s facility in Massachusetts, trial production of batteries is ongoing, with early results described as encouraging.
CEO Graeme Purdy joined Proactive to explain how trial battery production is underway and progressing well, with alpha sample runs expected to produce validated cells for Stereax customer delivery before the end of 2025, leading to recognisable revenue in the calendar year.
For its Goliath program, the company highlighted strong validation of its P1 prototype cells, including safety performance. A demonstration involving nail penetration testing showed inert behaviour compared to the thermal reaction typically associated with standard lithium-ion cells. Ilika is now testing P1.5 prototypes, which have five times the capacity of earlier models. The company expects to advance to P2, or 50Ah prototypes, later in the year.
Ilika said that development is being supported by a £1.25 million grant received through the UK government's DRIVE35 initiative, which is part of a broader £2.5 billion grant package planned over ten years. The company noted that it anticipates further opportunities for grant funding to offset equity dilution and support its operations.
As for funding allocation, the company said that around one-third of its recent capital raise would be directed toward the remaining Stereax tech transfer and customer interaction activities. The remaining two-thirds will fund Goliath development, covering materials and operating costs for its pilot line.
CEO Graeme Purdy said the company was encouraged by technical progress on both fronts. “We've been guiding people that we should be able to start recognising revenue from customer deliveries in this calendar year,” he told Proactive.