Ilika Plc Regulatory News (IKA)

Ilika plc

("Ilika" or the "Company")

Key Goliath Technology Validation Milestone

Ilika commences customer-sponsored validation of first release of prototype Goliath battery

Ilika (AIM: IKA), an independent global expert in solid-state battery technology, announces it has commenced testing of its initial batch of P1 Goliath electric vehicle ("EV") prototype batteries in a customer-sponsored programme. This follows the successful completion of production and in-house testing.

In November 2023, Ilika announced it had achieved its D4 development point, which is a design-freeze milestone in its Goliath roadmap upon which Ilika's first prototype for customer release, P1, is based. The P1 prototype is an intermediate milestone on Ilika's roadmap to its minimum viable product ("MVP") expected in 2025. The P1 prototype is a solid-state pouch cell with an NMC cathode and a silicon anode.

In line with the timeframe outlined in the last annual results published in July 2023, Ilika confirms that it has successfully manufactured and tested batches of P1 pouch cells based on the D4 development point and has now commenced a customer-designed and sponsored test programme in the first of a series of commercial engagements with automotive OEMs and Tier 1 companies.

Work continues on Ilika's roadmap through to MVP in calendar year 2025. Ilika's Goliath MVP, or P2 prototypes, will underpin licensing opportunities. Further detail regarding the product curve and development points can be found on page 11 of the Company's 2023 Annual Report, which is available by clicking here.

Graeme Purdy, Ilika CEO, stated: "Ilika has successfully delivered another milestone on its Goliath roadmap. We are delighted to be engaging with a portfolio of interested OEMs and Tier 1 companies on commercially sponsored evaluation programmes.

"We continue to progress towards commercialisation as planned and remain on track to demonstrate our Goliath technology at pilot scale to underpin licensing discussions and technology transfer. Our near-term focus is on increasing battery testing capacity and upgrading our dry rooms, with development strongly aligned to the market growth and structural drivers within the EV sector."

About Ilika plc - https://www.ilika.com

Ilika specialises in the developing and commercialisation of solid state batteries. The Company's mission is to rapidly develop leading-edge 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. The Company achieves this by using ceramic-based lithium-ion technology that is inherently safe in manufacture and usage, higher thermal tolerance and easier to recycle which differentiates our products from existing batteries.

The Company has two product lines. Its Stereax batteries which are designed for powering miniature medical implants, industrial wireless sensors and specialist internet of Things (IoT) applications and the Goliath large format batteries designed for EV cars and cordless appliances.