Ilika PLC (AIM:IKA, OTCQX:ILIKF, FRA:I8A), the UK developer of solid-state batteries, said it expects follow-on orders for its miniature Stereax batteries this year, after reaching a series of production and delivery milestones in the second half of 2025.
The AIM-listed group also aims to move rapidly towards a commercial-ready version of its Goliath battery for electric vehicles and appliances, after shipping a new 10 amp-hour prototype to customers for evaluation.
The latest version offers five times the capacity of previous test models and, according to Ilika, could cut the cost of a battery pack by £2,500 per vehicle while reducing weight by a fifth.
Graeme Purdy, chief executive, said the company had “delivered its key targets across both the Stereax and Goliath businesses,” adding that Ilika was now “pleased with progress to date, but there is a lot more to do and to come in the second half."
The company has already secured its first commercial order for Stereax electrodes from Cirtec Medical, its US-based manufacturing partner.
It is now targeting larger follow-on orders from among the 21 customers currently evaluating the batteries for use in medical devices and wireless sensors.
On the Goliath side, the number of companies assessing the technology rose 29% during the period to 27, with growing interest from defence and consumer appliance firms as well as automotive manufacturers.
The company said customer feedback on the 10Ah cells would be used to refine the design and push towards what it called a “minimum viable product” in 2026.
During the half-year to 31 October, Ilika posted revenue of £600,000, down from £1 million a year earlier, largely due to the timing of grant funding.
It reported an EBITDA loss of £3.2 million, compared to a £1.9 million loss in the first half of the previous year.
The company ended the period with £6.9 million in cash, having raised £4.2 million in a fundraising to support the next stage of development.
Ilika’s Goliath project has received £1.25 million in grant funding from the UK government’s DRIVE35 programme, with strategic backing from Jaguar Land Rover and the University of Oxford.