Ilika Plc Regulatory News (IKA)

Ilika plc

("Ilika" or the "Company")

Major Goliath milestone achieved as lithium-ion energy density parity reached

Significant gauge for the maturity of the technology as Ilika moves along its development roadmap

Ilika (AIM: IKA), a pioneer in solid state battery technology, announces it has reached its 2023 stated intermediate technology development target of lithium-ion energy density parity in its Goliath large format EV battery programme. This achievement validates the technical approach taken by the Company and supports the justification for investment in a full-pilot facility configured to demonstrate that the technology can be licensed for third-party giga-scale implementation.

This is a significant milestone as it means that the Goliath solid state pouch cell is now able to match the representative energy density of incumbent lithium-ion pouch cells, achieving an effective energy density of 250 Wh/kg and a capacity of 0.715 Ah.

Commercialisation of Goliath cells has the potential to offer EV producers the benefits of solid-state batteries' improved safety, faster charging, longer lifespan, and greater temperature resilience, without the need to sacrifice size, space, or effective range. Watch an overview here: Ilika's Solid State Cells for Electric Vehicles | Ilika.

This latest development follows November 2023's announcement of the D4 milestone, a design-freeze in the Goliath roadmap upon which Ilika's first prototype for customer release, P1, is based. The P1 prototype is currently undergoing verification and validation and remains on track to ship to partners including automotive suppliers and consumer appliance companies for evaluation in H1 2024. Today's milestone is an intermediate point on the journey to Ilika's P2 prototype product, which will be licensable to partners in H1 2025.

Ilika's development efforts continue to be supported by its funding partners the Faraday Battery Challenge, and the Advanced Propulsion Centre as it works alongside a range of 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.

"This is a very exciting time for the Company. We are on target with our roadmap as we move forward. Ilika would like to thank its numerous stakeholders for their ongoing support in achieving this milestone and looks forward to their sustained backing throughout our commercialisation journey.

"Solid-state technology stands to transform the EV 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."

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.