REG - Ilika plc - Lithium-ion parity development milestone

IlikaAnnouncement

06/12/2023 07:00

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RNS Number : 7887V  Ilika plc  06 December 2023

Ilika plc

("Ilika" or the "Company")

 

Major Goliath milestone achieved as lithium-ion energy density parity reached

 

Significant gauge for the maturity of the technology as Ilika moves along its
development roadmap

 

Ilika (AIM: IKA), a pioneer in solid state battery technology, announces it
has reached its 2023 stated intermediate technology development target of
lithium-ion energy density parity in its Goliath large format EV battery
programme. This achievement validates the technical approach taken by the
Company and supports the justification for investment in a full-pilot facility
configured to demonstrate that the technology can be licensed for third-party
giga-scale implementation.

 

This is a significant milestone as it means that the Goliath solid state pouch
cell is now able to match the representative energy density of incumbent
lithium-ion pouch cells, achieving an effective energy density of 250 Wh/kg
and a capacity of 0.715 Ah.

 

Commercialisation of Goliath cells has the potential to offer EV producers the
benefits of solid-state batteries' improved safety, faster charging, longer
lifespan, and greater temperature resilience, without the need to sacrifice
size, space, or effective range. Watch an overview here: Ilika's Solid State
Cells for Electric Vehicles | Ilika
(https://www.ilika.com/latest-news/ilikas-solid-state-cells-for-electric-vehicles)
.

 

This latest development follows November 2023's announcement of the D4
milestone
(https://otp.investis.com/clients/uk/ilika_plc/rns/regulatory-story.aspx?cid=870&newsid=1734181)
, a design-freeze in the Goliath roadmap upon which Ilika's first prototype
for customer release, P1, is based. The P1 prototype is currently undergoing
verification and validation and remains on track to ship to partners including
automotive suppliers and consumer appliance companies for evaluation in H1
2024. Today's milestone is an intermediate point on the journey to Ilika's P2
prototype product, which will be licensable to partners in H1 2025.

 

Ilika's development efforts continue to be supported by its funding partners
the Faraday Battery Challenge, and the Advanced Propulsion Centre as it works
alongside a range of industry leaders.

 

Graeme Purdy, Ilika CEO, stated: "We have reached yet another major milestone
on Ilika's roadmap, validating the effectiveness of the Company's technology
development programme. This key achievement in our cutting-edge Goliath
battery re-emphasizes the strength of our solution and further demonstrates
Ilika's differentiation as we strive for a more sustainable future.

 

"This is a very exciting time for the Company. We are on target with our
roadmap as we move forward. Ilika would like to thank its numerous
stakeholders for their ongoing support in achieving this milestone and looks
forward to their sustained backing throughout our commercialisation journey.

 

"Solid-state technology stands to transform the EV market in terms of
performance, safety and accessibility. Indeed, as the technology continues to
develop there is the potential for further energy density improvements that
will allow additional size and weight reduction."

 

 

 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 / Charlotte Edgar                             Mob: 07748 325 236 / Mob: 07884 664 686

 

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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