Ilika PLC (AIM:IKA, OTCQX:ILIKF) said it continued to develop and progress its Stereax and Goliath product lines as the pioneer in solid-state battery technology ended its half year with £27.7mln of cash and cash equivalents.
The company opened its Stereax solid-state battery manufacturing facility in Chandlers Ford in December, allowing it to manufacture its micro batteries designed to power medical devices and industrial wireless sensors (IIoT) in hostile environments.
As manufacturing capacity has risen the company has continued to engage with customers from the IIoT and medical device sectors, a statement said.
"Our Stereax manufacturing facility has been implemented on time and on budget, despite significant supply chain disruption,” said chief executive Graeme Purdy.
“I'd like to thank our employees, partners and shareholders for their support in making this happen.”
Stereax is one of two focal points for Ilika, the other is Goliath – a larger solid-state battery product that's being developed to power electric vehicles where the benefits of solid-state, such as higher energy density and lower operating temperatures, are expected to create significant advantages.
At an earlier stage than Stereax, Goliath saw technical progress during the half year period and the company began the scale up manufacturing design process.
The Goliath team was also strengthened with management appointments, adding Brenadan McCarthy as operations director and Robin Bell as vice president of product development.
"Our Goliath technical programme has made giant steps forward, particularly in operating temperature and cycle life," Purdy said. "The equity placing completed in July 2021 will allow us to continue to progress towards manufacturing readiness."
The company raised £25mln in July through the combination of an equity placing, a retail offer and an open offer.
In terms of its financial results, the early stage technology company posted £200,000 of revenue which came from the Faraday Battery Challenge grant, and expects a further £200,000 in the second half.
Ilika reported an earnings (EBITDA) loss of £2.7mln, with the company noting increased operations costs through the commissioning of the Stereax manufacturing facility and an intensification of the Goliath development programme.