Ilika secures R&D funding for Goliath solid-state battery range

Ilika LON:IKA the AIM-listed, solid state battery technology company has secured further funding for its solid-state Goliath range of batteries for transportation and cordless consumer electronics

The Southampton-based company is developing a range of solid-state, large format batteries and as previously reported is getting its battery units perfected for scale production, but allowing better capitalised partners to take on the responsibility of developing the “infrastructure” for giga-production.

The GBP2.8m funding is part of the 24-month GBP8.2m Faraday Battery Challenge collaboration programme and over the next two years will get financial support to integrate high-silicon content electrodes into its Goliath solid-state batteries.

The programme is supported by BMW Group and Williams Advanced Engineering and Ilika will partner with Nexeon, one of the UK’s leading manufacturers of battery materials, as well as leading academic researchers to deliver automotive industry-defined solid-state batteries by the end of project.

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The UK Government-backed Faraday Battery Challenge aims to support a world-class scientific, technology development and manufacturing scale-up capability for batteries in the UK. The Challenge is focused on developing cost-effective, high-performance, durable, safe and recyclable batteries to capture a growing market.

Graeme Purdy, Ilika’s chief executive said in a statement this morning (26th January): “[The project} supports the continuation of the technology development work Ilika has been undertaking since the completion of its previous Faraday Battery Challenge programmes … It will see the delivery of an automotive cell, defined by the industry as a minimum viable product, to enable us to move quickly into an industrial SSB pack and Battery Management System programme. This is an exceptionally strong consortium with first class expertise and world-renowned industrial experience and will ensure the UK continues to develop technology for the rapidly emerging SSB market.”

Ilika opened trading today at 50p and was up to 57p by lunchtime. The company has offered a 138.3% year-to-date return, a -55.27% one-year return with its shares ranging between 22.5p and 150p over a 52-week period. The company has a market capitalisation of GBP77.4m.