REG - Ilika plc - Key Technology Development Milestone

IlikaAnnouncement

20/11/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231120:nRST8931Ta&default-theme=true

RNS Number : 8931T  Ilika plc  20 November 2023

Ilika plc

("Ilika" or the "Company")

 

Achievement of Key Technology Development Milestone

 

Ilika development team reaches design-freeze milestone for first customer
prototype release of Goliath battery.

 

Ilika (AIM: IKA), a pioneer in solid state battery technology, announces it
has achieved its D4 development point, which is a design-freeze milestone in
the 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) in 2025. The P1 Goliath prototype is a
solid-state pouch cell with an NMC cathode and a silicon anode.

 

The D4 development point is an important milestone for the Company,
effectively marking the start of Goliath's productization journey, being the
essential marker for the P1 prototype. The D4 development point means that a
number of key data sets - including energy density and power density have been
met while showing that the Company is firmly on track to achieve lithium-ion
energy parity by the end of the current calendar. Given the data sets that are
now achievable the Company will be able to create P1 samples, which comprise
four layer stacks, for sale to OEMs for testing.

 

Over the next six months, Ilika will manufacture and test batches of pouch
cells based on the D4 development point prior to delivering fully
characterized P1 cells to up to 15 customers in 2024. Ilika is currently in
discussions with its customer base for Goliath batteries, which is primarily
automotive OEMs, but also includes Tier 1 automotive suppliers and consumer
appliance companies.

 

Work is continuing on Ilika's roadmap through to MVP, for which the
corresponding D8 development point will be achieved at the end of 2024. The
MVP, or P2 prototypes will be stackable to 30 layers, underpinning licensing
opportunities. Further detail re 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: "Achieving our D4 development point is an
important milestone on our technology roadmap, as it forms the basis of our
first prototype product pilot run, with the objective of sharing prototypes
with our customer base in 2024. This achievement is a clear demonstration that
the Ilika team is working very efficiently with the available resources to
achieve credible outcomes for our customers within the ambitious timeframes
that we have set."

 

 

 

 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,
 Nikhil Varghese

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

 Walbrook PR Ltd             Tel: 020 7933 8780 / Ilika@walbrookpr.com
 Nick Rome                                               Mob: 07748 325 236

 

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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCDDLFFXFLXFBB