(Sharecast News) - Solid-state battery technology developer Ilika announced the achievement of its 2023 intermediate technology development target on Wednesday.
The AIM-traded company's Goliath large-format electric vehicle (EV) battery programme had reached lithium-ion energy density parity, marking a significant advancement in the field.
It said the accomplishment validated its technical approach and underscored the rationale for investing in a full-pilot facility.
The firm said the facility would demonstrate the feasibility of licensing the technology for third-party giga-scale implementation.
Ilika said the critical breakthrough of the milestone was the ability of the Goliath solid-state pouch cell to match the representative energy density of conventional lithium-ion pouch cells.
That translated to an effective energy density of 250-watt hours per kilogram and a capacity of 0.715 amp hours.
Ilika said solid-state batteries offered several advantages, including improved safety, faster charging, longer lifespan and greater temperature resilience.
Notably, the benefits could be realised without compromising size, space, or effective range for electric vehicles.
The board said the achievement built on its announcement in November of the D4 milestone in the Goliath roadmap.
That milestone served as the basis for Ilika's first prototype, P1, which was currently undergoing verification and validation.
The P1 prototype was expected to be shipped to partners, including automotive suppliers and consumer appliance companies, for evaluation in the first half of next year.
Ilika said the new milestone represented an intermediate step towards Ilika's P2 prototype product, which was set to become licensable to partners in the first half of 2025.
"We have reached yet another major milestone on Ilika's roadmap, validating the effectiveness of the company's technology development programme," said chief executive officer Graeme Purdy.
"This key achievement in our cutting-edge Goliath battery re-emphasises 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."
Purdy said solid-state technology stood to "transform" the electric vehicle 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."
At 1147 GMT, shares in Ilika were up 19.05% at 50p.
Reporting by Josh White for Sharecast.com.
Ilika Plc (IKA)