Commenting on the results Graeme Purdy, CEO of Ilika, said: “In the year to date Ilika has delivered significant technical progress in the Stereaxâ deployment programmes it is running with global OEM’s in the sectors of miniature medical devices, photovoltaic integration and industrial condition monitoring. Since adding our “Goliath” large format solid-state batteries to the Stereaxâ roadmap, we have secured £4.1m of non-dilutive grant funding from Innovate UK through our development partnerships with high profile businesses from the automotive industry. We are confident in the value being generated by our technology teams and look forward to further growth in 2019.”
Ilika Plc (LON: IKA), a pioneer in solid-state battery technology, announces its unaudited half yearly report for the six months ended 31 October 2018.
Operational Highlights
· Advanced Stereaxâ solid-state battery deployments with a cumulative 90 potential OEM partners, including 14 where batteries have been shipped for evaluation
· Continued to execute three Stereaxâ development and deployment partnerships:
o Miniaturisation of Stereaxâ technology for integration into medical implants
o Integration of Stereaxâ cells with a photovoltaic energy harvester from Lightricity (ex-Sharp Labs of Europe)
o Deployment of Stereaxâ M250 cells with piezoelectric vibration harvesters and strain gauges for condition monitoring of wind turbine blades manufactured by Titan Wind Energy, China’s largest wind turbine manufacturer
· Secured £4.1m non-dilutive grant funding from Innovate UK’s Faraday Battery Challenge competition to develop large format “Goliath” cells in collaboration with automotive partners including Ricardo, Honda and McLaren for electric vehicle applications
· Shipped pre-launch samples of Ilika’s millimetre-scale “Golden Hind” Stereaxâ batteries to OEM commercial partners in the USA and Asia
· Appointed Jeremy Millard as NED, replacing Professor Sir William Wakeham who retired
Post-period end Highlights
· Successfully improved the power density and technical performance of Stereaxâ M250 cells
· Partnered with Semefab Ltd for the manufacture of Stereaxâ cells
· Secured the annual recertification of Ilika’s Quality Management System to ISO9001
· Appointed Keith Jackson as Non-Executive Chairman
· Formed the Technology Advisory Board
· Appointed Dr. Monika Biddulph as a Non-Executive Director
Financial Summary
· Total revenue for the period £1.0m (H1 2017: £1.0m)
· Loss per share reduced to 1p (H1 2017: 2p per share)
· Equity placing raised £4.1m
· Cash balance at period end £5.8m (H1 2017: £3.9m)
