The Ilika plc (LON: IKA) share price fell 14.4% after releasing the results for the year ended 30 April 2023. During the year, the company continued working on its thin-film Stereax® miniature solid-state batteries for powering implantable medical devices and industrial wireless sensors (IIoT) in hostile environments.
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The company was also focused on developing its large-format Goliath cells for electric vehicles (EV) and cordless appliances. A critical operational highlight was the despatch of its first customer samples of Stereax M50s from its UK production facility.
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Some other operational highlights included entering into a memorandum of understanding (MoU) with Cirtec Medical LLC in the United States, where Ilika will develop and license Stereax technology to Cirtec for manufacturing and commercialisation purposes.
The company was also awarded £2.8 million of funding from the Faraday Battery Challenge to lead an £8.2 million programme to develop high-silicon anode Goliath batteries in collaboration with BMW and WAE.
The firm also made some technical progress with the Goliath development programme, including reduced operating temperature, increased cycle count and increased energy density.
The company was awarded and completed a six-month Goliath economic feasibility study funded by UK-Battery Industrialisation Centre (UK-BIC) and Automotive Transformation Fund (ATF) to create a 100 MWh SSB facility at UK-BIC.
Ilika was also awarded and completed a nine-month study of Goliath scale-up equipment trials funded via a grant from the ATF. The company also expanded its patent portfolio to 67 granted patents, securing eight new patents in the reporting year. The company has four pending international grant applications.
Keith Jackson, Ilika's Chairman, said: “Regarding Stereax, we have built on the process qualification foundations laid in 2022 by delivering the first batches of Stereax batteries to customers in April 2023. This is a significant milestone for the team, which demonstrates our focus on product commercialisation. Our business strategy has been exemplified by entering into a memorandum of understanding with our US-based manufacturing partner, Cirtec Medical. This will allow Ilika to focus on its core expertise in technology development and licensing while supporting the manufacturing and commercialisation activities at Cirtec.”
*This is not investment advice.
Ilika share price.
The Ilika share price fell 14.37% to trade at 30.40p, from Wednesday’s closing price of 35.50p.
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