Ilika reaches lithium-ion parity development milestone
With an energy density of 250 Wh/kg and a capacity of 0.715 Ah, these cells match incumbent lithium-ion cells, offering EV producers enhanced safety, faster charging, longer lifespan, and better temperature resilience.
The company's roadmap, anchored by the recent D4 milestone reached in November, remains on track with the P1 prototype set for evaluation by partners in H1 2024 and the licensable P2 prototype slated for H1 2025. Funding from partners like the Faraday Battery Challenge and the Advanced Propulsion Centre supports Ilika's ongoing development alongside 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.
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Goliath is Ilika's Wh-level solid state battery technology for electric vehicles and cordless consumer electronics. These cells combine an oxide solid electrolyte and a silicon anode, providing substantial safety benefits throughout manufacturing, storage, and usage phases.
They can operate to higher temperatures than lithium ion, enabling a less complex battery management system and resulting in a higher cell to pack ratio, lighter vehicles, higher energy and power density, extended range and fast charging.
On the financial front, Ilika reported a total revenue of £0.8m in FY23, with its EBITDA loss improving to £7.0m in 2023 compared to £6.4m in 2022. As of April 30, 2023, Ilika holds £15.9m in cash, down from £23.4m in 2022.
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