LONDON (ShareCast) - (Sharecast News) - Battery technology firm Ilika said on Friday that it had progressed both the implementation of manufacturing plans for Stereax and accelerated the development of its Goliath large format cells.
As far as its Stereax miniature solid-state batteries project was concerned, Ilika said outfitting of its fabrication facility had been successfully completed, with key tools commissioned for its proprietary cell manufacturing process.

In line with previous guidance, process qualification was expected to take until the end of 2021, with product qualification starting in the first quarter of 2022 and product sales pegged for the second quarter.

Turning to the AIM-listed company's Goliath large-format solid-state battery, recently raised funds will be used to develop the technology through Li-ion equivalence by the end of 2022 and to increase the throughput of the Goliath pilot line in Romsey.

After achieving cell manufacturing readiness, expected to take place in 2024, Ilika will transfer production to a mega-scale facility such as the UK-BIC, with which it has a framework agreement, before moving to giga-scale through a joint venture or licensing.

In terms of earnings, Ilikia reported that its underlying loss for the period widened to £2.7m from £1.0m a year ago due to a reduction in revenue recognition and an increase in operational costs associated with Stereax and the Goliath development programme.

Chief executive Graeme Purdy said: "Despite ongoing supply chain disruptions and the operational challenges posed by the restrictions accompanying the Covid-19 pandemic, Ilika has progressed both the implementation of its manufacturing plans for Stereax and accelerated the development of its Goliath large format cells."

As of 1035 GMT, Ilika shares were down 1.28% at 139.20p.

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