Ilika (AIM: IKA) a pioneer in solid-state battery technology, announces its full-year results for the year ended 30 April 2019.
· Implementation of Stereax® development programmes with five commercial partners:
1. Combining with Lightricity photovoltaic technology for high-value asset tagging
2. Deploying with Titan Wind Energy, in condition monitoring devices for wind turbines
3. Developing and deploying track monitoring devices with Network Rail
4. Demonstrating an autonomous smart sensor card for environmental sensing.
5. Developing batteries for miniature medical implants with a leading bioelectronics company
· Stereax® achieving significant technical development milestones with:
o Record energy density from ultra-thin cells for medical implants
o Development of photolithographic method to produce custom cells compatible with semiconductor manufacturing processes
o Launch of M50 cells, mm-scale new product for MedTech
o Demonstration of ability of P180 to withstand rapid ramps to high temperatures for industrial applications
· Establishing a Stereax® manufacturing collaboration with Semefab to enable lower cost industrial production.
· Commencing Goliath large format cell programme:
o Securing £4.2m of granting funding from the Faraday Battery Challenge to develop large format solid-state cells for automotive applications
o Commencing the PowerDrive Line collaboration with Honda and Ricardo to develop rapidly charging batteries
o Starting the MoSESS collaboration led by McLaren Automotive to power high-performance vehicles.
· Appointment of Keith Jackson as Chairman and Dr. Monika Biddulph and Jeremy Millard as Non-Executive Directors
· Turnover up 26% to £2.6m (2018: £2.1m)
· Loss after tax for the year £2.3m (2018: £2.9m)
· Loss per share 2.4p (2018: 3.7p)
· Cash, cash equivalents and bank deposits of £4.0m (2018: £2.8m)
· Raised c.£4.1m at a price of 20 pence per share in July 2018
Commenting on the results Ilika’s Chairman, Keith Jackson, said: “This year has seen Ilika exploiting its technical know how to establish a multi-million pound programme for automotive traction batteries, supported by the UK Faraday Battery Challenge funding stream, to enable green transportation. Additionally, Ilika’s micro battery technology has now reached record levels of energy density for perpetual, fit and forget, power which cannot be addressed by existing cell technology. Along with its prototype and pilot manufacturing line Ilika is forming partnerships to scale battery manufacture for industrialisation. The growth in Ilika’s research and development project funding is reflected in nearly 30% turnover growth and stronger than expected year end cash balance. This strong technical and commercial progress forms a solid foundation for continued progress in the coming year.”