Ilika to double revenues in FY24, driven by significant grant funding for solid state batteries
() , a developer and manufacturer of advanced solid-state battery technology, issued a trading update for FY24 ahead of its Capital Markets Day.
Ilika said trading for FY24 ended April 30, 2024 had been in line with current market forecast. expects to generate revenues of approx. £2.0m during the financial year, up from £0.8m in FY23. The figure reflects a material increase in grant funding received in H1 2024, with revenue being H1-weighted as a result.
Cash and cash eq are expected to beat forecast at approx. £11m from £15.9m last year, due to grant funding income, cost reduction resulting from the large Cirtec contract signed in August 2023, and technology transfer activity.
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Good preliminary results from Ilika as £8.2m of grant funding received through the Faraday Battery Challenge's HISTORY project, plus £2.7m received through the Automotive Transformation Fund's SiSTEM project, fueled revenue growth of over 100% year-on-year.
On the R&D front, Ilika marked significant progress with its thin-film Stereax miniature solid-state batteries for powering medical devices and industrial wireless sensors, as well as its large-format Goliath cells for electric vehicles and cordless appliances. For Stereax, completed its first customer shipments of stacked M300 batteries from its UK pilot manufacturing facility, and entered into the aforementioned 10-year licensing agreement with US-based Cirtec.
For Goliath, Ilika has been ramping up production while continuing to execute the HISTORY and SiSTEM projects, with input from BMW and Fortescue WA for the former, and Mpac and UKBIC for the latter. Goliath has garnered the interest of 17 automotive and consumer appliance OEMs globally with whom has signed evaluation agreements.
With grant momentum, the Cirtec contract supporting a portfolio of 20 Stereax customers, a growing pipeline for Goliath, and a comfortable cash balance, Ilika is on track to reach its target of 1.5 MWh/a of installed capacity by end of 2025.
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