REG - Ilika plc - Key Goliath Technology Validation Milestone

IlikaAnnouncement

22/05/2024 07:00

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RNS Number : 3633P  Ilika plc  22 May 2024

Ilika plc

("Ilika" or the "Company")

 

Key Goliath Technology Validation Milestone

 

Ilika commences customer-sponsored validation of first release of prototype
Goliath battery

 

Ilika (AIM: IKA), an independent global expert in solid-state battery
technology, announces it has commenced testing of its initial batch of P1
Goliath electric vehicle ("EV") prototype batteries in a customer-sponsored
programme. This follows the successful completion of production and in-house
testing.

 

In November 2023
(https://www.londonstockexchange.com/news-article/IKA/key-technology-development-milestone/16215523)
, Ilika announced it had achieved its D4 development point, which is a
design-freeze milestone in its Goliath roadmap upon which Ilika's first
prototype for customer release, P1, is based. The P1 prototype is an
intermediate milestone on Ilika's roadmap to its minimum viable product
("MVP") expected in 2025. The P1 prototype is a solid-state pouch cell with an
NMC cathode and a silicon anode.

 

In line with the timeframe outlined in the last annual results published in
July 2023, Ilika confirms that it has successfully manufactured and tested
batches of P1 pouch cells based on the D4 development point and has now
commenced a customer-designed and sponsored test programme in the first of a
series of commercial engagements with automotive OEMs and Tier 1 companies.

 

Work continues on Ilika's roadmap through to MVP in calendar year 2025.
Ilika's Goliath MVP, or P2 prototypes, will underpin licensing opportunities.
Further detail regarding the product curve and development points can be found
on page 11 of the Company's 2023 Annual Report, which is available by
clicking here
(https://www.ilika.com/images/uploads/general/41992-Ilika-AR23-WEB.pdf) .

 

Graeme Purdy, Ilika CEO, stated: "Ilika has successfully delivered another
milestone on its Goliath roadmap. We are delighted to be engaging with a
portfolio of interested OEMs and Tier 1 companies on commercially sponsored
evaluation programmes.

 

"We continue to progress towards commercialisation as planned and remain on
track to demonstrate our Goliath technology at pilot scale to  underpin
licensing discussions and technology transfer. Our near-term focus is on
increasing battery testing capacity and upgrading our dry rooms, with
development strongly aligned to the market growth and structural drivers
within the EV sector."

 

 For more information contact:

 Ilika plc                                               www.ilika.com (http://www.ilika.com/)
 Graeme Purdy, Chief Executive                           Via Walbrook PR
 Jason Stewart, Chief Financial Officer

 Liberum Capital Limited (Nomad and Joint Broker)        Tel: 020 3100 2000
 Andrew Godber, John More
 Nikhil Varghese, Joshua Borlant

 Joh. Berenberg, Gossler & Co. KG (Joint Broker)         Tel: 020 3207 8700
 Mark Whitmore, Detlir Elezi, Natasha Ninkov

 Walbrook PR Ltd             Tel: 020 7933 8780 / Ilika@walbrookpr.com
 Nick Rome, Charlotte Edgar, Joe Walker

 

About Ilika plc - https://www.ilika.com (https://www.ilika.com/)

Ilika specialises in the developing and commercialisation of solid state
batteries. The Company's mission is to rapidly develop leading-edge
IP, manufacture and license solid state batteries for markets that cannot be
addressed with conventional batteries due to their safety, charge rates,
energy density and life limits. The Company achieves this by using
ceramic-based lithium-ion technology that is inherently safe in manufacture
and usage, higher thermal tolerance and easier to recycle which
differentiates our products from existing batteries.

 

The Company has two product lines. Its Stereax batteries which are designed
for powering miniature medical implants, industrial wireless sensors and
specialist internet of Things (IoT) applications and the Goliath large format
batteries designed for EV cars and cordless appliances.

 

 

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