Ilika Plc - ILIKF stock
About Ilika[edit]
Ilika is a company that specializes in the development and commercialization of solid-state battery technology. It was founded in 2004 and is headquartered in the United Kingdom, with additional operations in the United States and Asia. Ilika's primary focus is on the design, development, and manufacture of advanced materials for batteries and other energy storage devices.[1]
The company has developed a unique high-throughput methodology, called the "Accelerated Materials Innovation," which enables the rapid screening and optimization of materials for various applications, including batteries, fuel cells, and catalysts. This approach allows Ilika to accelerate the discovery and development of new materials, reducing the time and cost traditionally associated with research and development.
Ilika's main product is its solid-state battery technology, which offers several advantages over conventional lithium-ion batteries. Solid-state batteries use solid electrolytes instead of liquid or gel electrolytes, which makes them safer, more stable, and potentially more energy-dense. These batteries have the potential to significantly improve the performance and safety of various electronic devices, electric vehicles, and renewable energy systems.
The company's solid-state battery technology has gained recognition and partnerships with leading companies in different industries. Ilika collaborates with major automotive manufacturers, consumer electronics companies, and energy storage system providers to develop and integrate its solid-state batteries into various applications. This includes partnerships with companies such as Toyota, Honda, and the UK Battery Industrialization Centre.
In addition to solid-state batteries, Ilika also develops other advanced materials, including supercapacitors, hydrogen storage materials, and catalysts for fuel cells. The company's expertise in materials discovery and optimization allows it to explore a wide range of energy storage and conversion technologies.
Products[edit]
Solid State Batteries for Transportation[edit]
Ilika has developed Goliath, an advanced solid-state battery technology specifically designed for electric vehicles and cordless consumer electronics. These batteries utilize a solid electrolyte made of oxide and a silicon anode, offering significant safety advantages during manufacturing, storage, and usage. Compared to traditional lithium-ion batteries, Goliath cells can withstand higher temperatures, which simplifies the battery management system. As a result, vehicles equipped with these batteries can achieve a higher cell to pack ratio, leading to lighter weight, increased energy and power density, extended range, and faster charging capabilities.[2]
In addition to research and development efforts, the company is actively preparing for the scaling up of operations. The initial plan is to scale up to the MWh (megawatt-hour) level, and they have established a Framework Agreement with the UK Battery Industrialisation Centre to facilitate this process. The ultimate goal is to license the technology for Giga (gigawatt) scale production.[2]
With the support of funding from the APC's Automotive Transformation Fund, Ilika collaborated with Comau, a part of Stellantis, to assess the costs associated with equipment and processes involved in a three-stage scale-up plan. This plan encompasses scaling up from kWh (kilowatt-hour) to MWh and eventually to GWh (gigawatt-hour). The study confirmed the feasibility of using existing technologies and machines in scaling up the production of Goliath batteries for electric vehicles.[2]
Ilika reaching a significant milestone in its technology development target of reaching parity with lithium-ion energy density in its Goliath EV batter program, claiming that its solid-state battery pouch cell technology can now match the energy density of current lithium-ion pouch cells. It has achieved energy density of 250 watt-hours per kilogram with a capacity of 0.715 ampere-hours.[3]
Solid State Batteries for Healthcare[edit]
Ilika manufactures Stereax, a compact solid-state battery technology specifically designed for active medical implanted devices, small wearable devices, and industrial IoT sensors. These batteries are ultra-thin, measuring only millimeters in scale, and are completely safe and rechargeable. Importantly, Stereax batteries do not contain any liquid or polymer components.[4]
Stereax batteries offer numerous advantages for innovative product designers. They provide a long lifespan with the ability to be recharged thousands of times. The batteries also have very low leakage, measured in nanoamperes (nA), ensuring efficient power management. Additionally, Stereax batteries come in a miniature rectangular form factor, similar to integrated circuits (ICs), making them ideal for applications where space is limited. The first product in the Stereax line will have a volume of 20 mm3, further emphasizing its compact size.[4]
Licensing Agreement[edit]
Ilika has entered into a ten-year manufacturing license agreement with Cirtec Medical for the production and commercialization of miniature Stereax solid-state batteries. The deal involves Cirtec, a full-service outsourcing partner located in Brooklyn Park, Minnesota, taking on the responsibility of manufacturing Ilika's millimeter-scale batteries at its facility in Lowell, Massachusetts, USA. According to the terms of the arrangement, the two companies will initially share profits, followed by Cirtec bearing royalties for manufacturing in line with industry standards. While Ilika will retain control over the cathode deposition process and battery formation at its UK facility, it will subcontract these services to Cirtec. Furthermore, some machine sets will be transferred to the US for temporary operation by Cirtec, beginning in the latter half of 2023.[5]
Funding[edit]
Ilika received a grant £400,000 from the Automotive Transformation Fund (ATF). This grant is part of 16-month, £2.7 million collaboration programme. Ilika is collaborating with Mpac Group (LSE:MPAC) PLC and the UK Battery Industrialisation Centre (UKBIC) for this initiative.[6]
Leadership[edit]
The leadership team at Ilika Plc includes Prof. Keith Jackson (Chairman), Graeme Purdy (CEO), Stephen Boydell (Finance Director), and Prof. Brian Hayden (Chief Scientific Officer). Graeme Purdy and Prof. Brian Hayden have been part of Ilika since its inception with Stephen Boydell joining the team in 2009. The leadership team at Ilika Plc is a group of well-seasoned executives with years of experience and technical expertise in their respective domains.[7]
On 22 February 2022, Ilika Plc announced that the current chief financial officer, Steve Boydell, would step down from his role with effect from July 2022. The company stated that Boydell was leaving to pursue other opportunities. In order to ensure an orderly transition, it is said that Boydell would remain a part of the company until after the completion of its current financial reporting period. A statement by the company revealed that they are already looking for successors with announcements to be made within due time. “Steve has been a thoroughly dependable member of the management team, supporting us through our IPO and subsequent placings and we wish him all the best with his future career,” said chief executive Graeme Purdy.[8]
- ↑ Yahoo Finance. ILIKF Stock Profile. Accessed on 6/8/2023.
- ↑ 2.0 2.1 2.2 Ilika.com. Large Format Solid State Batteries. Accessed on 6/8/2023.
- ↑ morningstar.co.uk. Ilika shares surge as Goliath battery reaches energy density target. December 6, 2023.
- ↑ 4.0 4.1 Ilika.com. Micro Solid State Batteries. Accessed on 6/8/2023.
- ↑ TS2. Ilika Signs Ten-Year Manufacturing License with Cirtec Medical for Stereax Batteries. August 4, 2023.
- ↑ Simplecast.com. Ilika receives £400,000 grant to help fund its "crusade toward net zero". October 10, 2023.
- ↑ Ilika.com. Leadership. Accessed on 11/12/2022.
- ↑ Proactive Investors. Ilika announces Steve Boydell will leave his position as CFO. February 25, 2022.
OTC Symbol: ILIKF | OTC Tier: OTCQX International
