REG - Ilika plc - Goliath D6 milestone reached

IlikaAnnouncement

20/11/2024 07:00

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RNS Number : 8587M  Ilika plc  20 November 2024

Ilika plc

("Ilika", the "Group", or the "Company")

 

Goliath D6 milestone reached ramping up EV battery capacity

 

Ilika (AIM: IKA), an independent global expert in solid-state battery
technology, announces that it has successfully reached its D6 milestone by
testing 10Ah cells in its Goliath solid state batteries for electric vehicles.
The systematic testing to industry standards demonstrates the increased
capacity of its cells as it systematically moves along its development roadmap
for customers.

 

Building and successfully testing these larger 10Ah cells follows on from the
announcement last month on 3 October 2024 of compelling safety data from the
testing of its Goliath D5 prototypes.

 

Ilika is now progressing with development towards a D7 design freeze, which it
expects to achieve in Q1 2025. The D7 design freeze will form the basis of a
release of 10Ah prototype cells to customers, called the P1.5 prototypes,
which will be an upgrade on the 2Ah P1 prototypes released in July 2024.

 

This intermediate P1.5 prototype will address automotive OEM requests for a
further proof-point of the technology, as Goliath scales up beyond the
capacity of cells released by some competitors. The timing of the P1.5 release
will be driven by completion of testing of a batch of batteries based on the
D7 design, by Q2 2025.

 

The 2025 development roadmap will then extend to D8 design freeze, which is
also expected in Q1 2025, and then to the crucial Minimum Viable Product
("MVP") stage, targeted for the end of 2025. Ilika's Goliath MVP, or 50Ah P2
prototypes, will underpin revenue generating licensing opportunities.

 

The modelling of a Goliath-based battery pack for EVs is underway by UK
company Balance Batteries, that capitalises on the superior safety, high
energy density and fast charging features of the Goliath cells. Early results
show that the weight of the battery pack can be reduced materially by up to
100 kg on the basis of Goliath's benefits, compared to a current SUV
lithium-ion model of the same energy. This reduction in weight translates into
increased driving range on the same level of battery charge and reduced
vehicle cost.

 

Graeme Purdy, Ilika CEO, stated:

 

"Meeting our D6 development milestone on schedule is a key marker to ensure
that we are progressing towards an MVP that meets or exceeds customer
expectations. Safety is a key differentiator for solid-state technology in the
electric vehicle market, but also differentiates Ilika versus its solid-state
peers as it seeks to lead the sector on this point. Today's test results
demonstrate the additional capacity of our cells at 10Ah.

 

We continue to engage with a portfolio of potential manufacturing partners to
minimise commercialisation risk and today's announcement is another proof
point that Ilika's technology is a step closer to market readiness and
commerciality."

 

For more information contact:

 

 Ilika plc                                            www.ilika.com (http://www.ilika.com/)
 Graeme Purdy, Chief Executive                        Via FTI Consulting

 Jason Stewart, Chief Financial Officer

 Panmure Liberum 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
 Matthew Armitt, Mark Whitmore, Detlir Elezi,
 Angus Murphy

 FTI Consulting (Comms Advisors)                      ilika@fticonsulting.com
 Ben Brewerton
 Elizabeth Adams
 Dwight Burden

 

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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