£25m for UK EV solid state battery production
UK solid state battery pioneer Ilika is planning to raise £24.7m (€29m) for a ten fold increase in production of its solid state battery technology.
The company plans to raise £21m by placing shares with institutional and retail investors, with a further £3.7m through the issue of new shares to existing Ilika shareholders through an open offer.
The funds will be used to accelerate the development of Ilika’s Goliath solid state battery and increase capacity of the Goliath pre-pilot line from 1 to 10 kWh/week. This will also support product development of Goliath until mid 2023.
This will boost development of the technology until manufacturing readiness, followed by the planned transfer of production to a MWh-scale facility, such as the recently opened UK Battery Industrialisation Centre (UKBIC) from 2024.
Ilika expects to start commercial sales of Goliath products from 2025 onwards, targeting consumer appliances and supporting EV development programmes. Production at GWh-scale is planned through either a manufacturing JV or licensing from 2026 which will be part of the current negotiations for battery gigafactories in the UK and Europe.
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“I’d like to thank Ilika’s new and existing investors for supporting the Company’s Goliath development programme through this placing, building on the previous support received from the Faraday Battery Challenge and Advanced Propulsion Centre. We look forward to working closely with OEM and Tier 1 partners to bring this technology to market for the benefit of all of our stakeholders,” said Graeme Purdy, CEO of Ilika.
The share placing is dependent on a shareholders meeting at the end of July.
Earlier this month the company raised £135,000 from the Advanced Propulsion Centre (APC) as part of the fifth wave of the APC’s Technology Developer Accelerator Programme (TDAP) that is aimed at commercialising battery technologies.
“The past twelve months have been difficult for the automotive sector, with COVID-19 and shortages of some key materials, it’s been challenging for all parts of the supply chain, not least those small to medium enterprises trying to turn their green automotive innovation into a commercially viable product,” said Head of SME Programmes at the Advanced Propulsion Centre, Josh Denne.
“The technology developed by companies like Ilika could play a crucial role in the automotive industry’s net-zero carbon future. We are excited to support them on their journey of ensuring their innovative technology becomes commercially viable.”
“As our Goliath solid state battery technology matures, we look forward to accelerating our time to market by working with the automotive industry under the TDAP framework, through the APC. This APC funded programme represents a strong opportunity to ensure Goliath meets the needs of the automotive markets and for Ilika to collaborate with stakeholders in the industry,” said Purdey.
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