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Ilika CEO highlights strong 2024 financial performance and key developments

May 17, 2024 at 14:24 PM EDT

ⓘ This article is third-party content and does not represent the views of this site. We make no guarantees regarding its accuracy or completeness.

--News Direct--

Ilika PLC CEO Graeme Purdy discusses the company’s positive trading update for the year to 30 April 2024 with Proactive London’s Stephen Gunnion.

The company expects to announce revenues of approximately £2.1 million from £0.7 million a year earlier and ended the period with cash and cash equivalents of £11.9 million, providing a solid foundation for future operations.

Key highlights included a ten-year licensing agreement with Cirtec Medical LLC in the US to commercialise miniature batteries for medical devices and wireless sensors. Additionally, Ilika announced a 12-month collaboration with the Tata Group’s Agratas to develop Goliath cells, aiming for a 50 amp-hour battery by the first half of 2025.

The company’s financial position is supplemented by a recent £1.7 million capital raise aimed at advancing the Goliath programme. Planned investments include upgrading dry room capabilities to handle moisture-sensitive materials and enhancing testing equipment for larger battery prototypes.

Purdy also provided an update on the Stereax production line, noting significant progress at the Massachusetts facility, with equipment commissioning and qualification underway.