Ilika (AIM: IKA), a pioneer in solid-state battery technology, announces that it has successfully completed a £15m equity placing to support its growth strategy.
Ilika is one of the few independent global experts in the design and manufacture of solid-state batteries. It launched its cm-scale Stereax technology for Industrial wireless sensors in 2016 and followed up with mm-scale micro-batteries for miniature medical devices in 2019. In response to demand from the automotive and consumer electronics sectors, with £5m grant support from the UK Government’s Faraday Battery Challenge Fund, it has extended its product roadmap to develop large-format Goliath pouch cells.
Ilika currently produces its Stereax batteries on a pilot line in Southampton, UK. It now intends to implement a partnering model with one or more 3rd party fabrication facilities (fabs) to produce Stereax at scale. This equity placing will be used to purchase manufacturing equipment which Ilika will install in its selected fab for it to be operated on demand. Ilika will continue to receive orders from its customers and, where appropriate, will outsource wafer production to the fab to allow it to fulfil larger orders.
The £15m equity funding has been provided by a combination of existing and new UK-based institutional shareholders.
Ilika’s CEO Graeme Purdy, stated, “This is an important milestone in Ilika’s development which provides the Company with an opportunity to address exciting global markets. We would like to thank both existing and new shareholders for their support and advice.”