Ilika CEO discusses £3.4 million capital raise to fund development of Goliath solid-state batteries
May 13, 2024 at 10:42 am EDT
Share
(via NewsDirect)
Ilika PLC CEO Graeme Purdy joined Proactive's Stephen Gunnion with details of a share placing and open offer to retail investors aimed at raising up to £3.4 million.
Purdy explained the capital injection is targeted at furthering the development of its Goliath technology. The company recently entered into a 12-month collaboration with Tata Group subsidiary Agratas to evaluate Goliath technology, during which Ilika intends to achieve its remaining milestones.
Additionally, Ilika plans to use the funds to upgrade its dry room facilities to handle moisture-sensitive materials more effectively. This involves lowering the dew points to reduce environmental humidity, crucial for its leading-edge battery development. The capital will also help in enhancing its testing facilities to accommodate larger battery sizes, which are necessary to meet increased power requirements and customer expectations.
Purdy highlighted key achievements including reaching the D4 development point and approaching the D8 milestone, which is set for Q1 2025. The advancements aim at achieving lithium-ion energy density parity and improving battery performance.
Contact Details
Proactive UK Ltd
+44 20 7989 0813
uk@proactiveinvestors.com
Copyright (c) 2024 TheNewswire - All rights reserved.
Copyright (c) 2024 TheNewswire - All rights reserved., source Press Releases
Ilika plc is a United Kingdom-based developer of solid-state battery (SSB) technology designed to meet the specific demands of a range of applications in medical technology, Industrial Internet of Things (IoT), electric vehicles (EVs) and consumer electronics. It focuses on developing intellectual property (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. It has two product lines: miniature Stereax SSBs for powering medical devices and industrial wireless sensors in specialist environments, and large format Goliath SSBs for EVs and cordless appliances. Stereax enables disruptive product designers looking for a long life (1000s recharges), low leakage (nA) and miniature power source with a rectangular form factor similar to ICs. Miniature Stereax batteries can enable solutions in a form factor not achievable with conventional lithium-ion batteries.