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Ilika has announced a significant manufacturing milestone for its Stereax micro batteries. Ilika and its strategic partner Cirtec Medical have successfully completed process qualification for the Stereax M300 micro-battery production line at Cirtec Medical’s facility in Lowell, Massachusetts. The milestone activates a ten-year manufacturing agreement signed in August 2023, and initial deliveries of Stereax M300 batteries to lead customers are targeted to commence in 2025, which is in line with expectations.
Ilika plc
Ilika, results broadly in-line, is commercialising solid-state lithium ion battery technology and establishing itself as a UK sector flagship. The Goliath next-gen platform for EVs aligns closely with UK industrial strategy, leveraging UK grant funding & access to the UK Battery Industrialisation Centre (UKBIC) to accelerate market entry; ‘A sample’ prototypes expected to be in tier-1 automotive partner hands, by the end of the year. Ilika’s unique Stereax micro SSB platform for high-value medical device markets targets early commercial revenues this year, via high-quality US manufacturing partner and licensee, Cirtec medical. Ilika’s rising star is evinced post-period by both this week’s latest £1.2m APC UK govt grant award for further Goliath progression and strong investor support in May via an oversubscribed c.£4m retail & institutional placing.
There were few surprises in Ilika’s FY25A results, with most financial metrics close to our recently published forecasts. The key catalyst for the company remains commercial progress on both Stereax and Goliath, for which the company notes it is entering an exciting period. Goliath is entering a phase which should see it secure additional commercial partners to complement the technology collaboration agreement already signed with Agratas. With a strategy that leaves Ilika open to sign multiple partners, and a true solid-state battery technology that can be manufactured with existing giga-factory production equipment with a digital twin, we continue to see a significant valuation disconnect between Ilika and peers.
Ilika has announced that it is receiving £1.25m in grant support to manufacture the first Goliath A-Sample batteries for automotive applications. This support is being provided from the newly launched Demonstrate fund, facilitated by the Advanced Propulsion Centre UK (APC), in a 12-month, £3m collaboration programme, codenamed PRIMED, which is being supported by a premium automotive OEM. The programme will commence on 1 August 2025 and see Ilika partner with HSSMI, a UK-based manufacturing consultancy, utilising the giga-scale electrode production lines at the UK Battery Industrialisation Centre whilst creating a digital twin. This programme will be of great interest to potential licensees, supporting our view that the next 12 months will be fast-paced and transformational for Goliath and Ilika.
Friday Takeaway—delving a little deeper into UK small caps Friday Takeaway from UK Small Caps This will delve a little deeper on individual companies and focus on non-house stocks under £200m market capitalisation to raise awareness 27th June 2025 Alphabetically arranged Share prices and market capitalisations taken from Alpha Terminal from the current price on the day of publication. Top three shareholders are taken from the websites of the companies that we are writing about, unless there is a more up to date TR-1 notification RNS announcement. Earnings profiles may distract attention from the potential of these companies ILIKA Power Pause PEB Staging a Recovery ILIKA 40.00p £72.32m (IKA.L) Last Reported in Friday Takeway, 10 January at 21.5p Financial Calendar: Year End April, To be reported 17 July 2025, Interims to October to be reported before end January Top Three Shareholders: GPIM 12.36%, Charles Schwab (New York) 9.32%, Hargreaves Lansdown 5.99% Key Investment Points: Product Development, Commercial Development, Net Cash The developer of solid-state battery technology will be reporting Finals to April 2025 on 17 July. Ilika has developed ceramic-based lithium-ion technology which differentiates it from existing batteries by offering competitive energy density and charge times, while being inherently safe and easier to recycle. There was cash of £10m at the Interims and in May 2025 a further £4.3m was raised at 33p a share. Most of the proceeds are for the development and commercialisation of the massive Goliath EV battery opportunity. The first batch of P1 prototype Goliath batteries were shipped to a Tier 1 customer in July 2024 for testing and showed positive benefits of Goliath across several key variables. Goliath energy storage cells have the potential to provide electric vehicles (EV) with lighter, safer, cheaper batteries with longer ranges and faster charging capabilities. There are trials and evaluations in progress with other automotive customers, OEMs, and Tier 1 suppliers as Goliath advances toward minimum viable product (MVP) status. MVP could be completed by the end of 2025 although timelines can stretch and is expected to confirm the cells meet customer-agreed specifications for EV applications. Ilika is actively pursuing commercial opportunities through strategic partnerships with OEMs and licensing opportunities. The Stereax medical product range of small batteries has a ten-year licensing agreement with Cirtec for batteries used in medical devices and is expected to generate revenue by 2026. The finals to April 2025 are to be reported shortly and should show £1.4m of turnover, mainly from grants, and a loss before tax of £6.3m. Hybridan Comment: The share price has increased 86% since our Friday Takeaway comment in January having passed product development milestones. The finals in July could be a reminder of the uphill journey to commercialisation, albeit the destination is a big target. Pebble Beach Systems Group 9.00p £11.21m (PEB.L) Financial Calendar: Year End December, Finals Reported 23 April 2025, Interims to June, Trading update likely in July Top Three Shareholders: Kestrel Partners 24.7%, Hawk Investment Holdings Ltd 7.89%, Hargreaves Lansdown 7.72% Key Investment Points: New Platform, Recovery Underway, Debt reduced Pebble is a developer and supplier of automation and content management software solutions for television broadcasters, cable, and satellite operators. Its Playout Solution takes multi-media video files or live feeds to transmit with frame precision for linear schedules and live event programming. Customers include Fox News, CNBC, IMG, TV Globo, as well as major streaming services, particularly those carrying live content. Founded in 2000, Pebble has commissioned systems in more than 70 countries, with proven installations ranging from one to over 150 channels in operation, and there are around 2,000 channels currently on air using the Group’s software. The finals to December 2024 were reported in April and showed the year-end order intake had increased 24% to £13.6m, driven by a 56% increase in Service Level Agreements, which is recurring income. The less predictable Project orders, however, were flat in the finals to December 2024, with around £6.1m booked. The Pre-tax loss of £1.3m was less palatable compared to a FY December 2023 profit of £1.5m. The gross profit margins reassuringly remained steady at 77%, but the profit ‘fade-out’ was due to delays in contracts being finalised in H224. There was also a one-off impairment of £2.7m, and without this charge, the profit before tax would have been £1.4m. This underlying profitability is demonstrated by the strong cash generation allowing for a £1m reduction in FY debt to £3.7m, which is forecast to be less then £2m by December 2025. In March 2024, a £5.5m financing facility was agreed with Santander and runs to the end of October 2026. A firm recovery seems underway as orders are closed and as a result of the actions taken in Q125, estimated annualised cost savings of £2.0m are expected to be delivered. In responding to a challenging market and unpredictable project orders, the full-scale adoption of the new software platform PRIMA was scaled back, but its ready to be commercialised. For the FY Dec 2025 the EBITDA is forecast to recover to £3.5m on £11.5m turnover for a PBT of £1.9m and as there is no tax, the EPS would be 1.5p. This gives a prospective P/E of 6x and we calculate the EBITDA/EV to be less than 4x. Hybridan Comment: The valuation does not reflect the likely recovery or the debt reduction from cash generation. 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Ilika plc Pebble Beach Systems Group PLC
Ilika has announced a £3.5m gross fund-raise, which provides balance sheet strength before the company enters commercial licence negotiations for its Goliath solid state battery (SSB) technology. This balance sheet strength puts it in a better negotiating position and it will be able to focus on longer-term shareholder value rather than short-term funding. We see growing interest in Goliath, as the P1 evaluations have shown that Ilika has an oxide-based SSB that not only works but performs to specification with reproduceable results on different duty cycles and tests. We agree with Ilika that these results are “globally relevant”, especially as its closest and highest-valued comparables, ProLogium and QuantumScape, are marketing semi-SSBs which still contain liquid electrolyte. We believe that Ilika’s SSB technology is particularly desirable to the automotive industry because of its ability to use existing gigafactory production equipment. Furthermore, it is pursuing a strategy to license to multiple OEMs and Tier 1s, which could lead to greater market share in due course, and we believe that after it signs its first licences, Ilika could become valued at a premium to these competitors and comparables.
FY25 interims are in line with full-year forecasts, with cash of circa £7.5m at April year end. Ilika has made stellar progress commercialising its solid-state-battery ‘SSB’ technology in both micro Stereax™ for miniature medical device markets and larger Goliath for EV application formats. Stereax, via US production and licensee partner Cirtec medical, is set-up to deliver first commercial revenues in CY25 while the Goliath program targets a minimum viable product ‘MVP’ for EV application in CY25 and the associated intensification of automotive OEM licensing interest.
Ilika is a rare developer of a ceramic-oxide electrolyte solid-state-batteries (SSBs) and we believe there is broad consensus that SSBs are the future of batteries, with SSBs being forecast to surpass 4% global market share by 2030. Within this, ceramic-oxide SSBs look to have a particularly promising future as, amongst typical SSB attributes such as high energy density, these have the best safety profile (DEKRA reports Ilika’s batteries are non-flammable), making them well suited for EVs, which is the biggest and fastest-growing battery segment. Ilika is one of a very small handful of companies to have overcome the challenges of hard ceramic-oxide electrolytes with its approach commercially proven though the licensing of its Stereax micro batteries for medical devices. Ilika’s large format Goliath SSB has already reached energy density parity with current lithium-ion cells and is set to reach a Minimum Viable Product within a year, which we believe will help close licensing discussions, for which EU and US premium automotive brands are undoubtedly circling. We initiate coverage with a target price of 83p.
Ilika has this morning announced that it has successfully reached its D6 milestone by testing 10Ah cells in its Goliath solid state batteries for electric vehicles. The testing demonstrates the increased capacity of its cells as it progresses along its development roadmap. Building and successfully testing these larger 10Ah cells follows compelling safety data from the testing of its Goliath D5 prototypes announced last month. In our view, this further narrows the technology gap with highly rated US listed QuantumScape ($2.4bn), that we recently discussed here. We reiterate our BUY and 70p TP.
This morning Ilika has provided a trading update where revenue and cash remain in line with FY expectations. In this brief update, we discuss further support for solid-state batteries in transportation markets over recent months and take a closer look at the valuation anomaly between US listed QuantumScape ($2.5bn) despite a far narrower gap in technology readiness. Ilika also has a nearer-term, lower risk addressable market through its medical cells Stereax. The shares are now down >40% in the last 3 months presenting an attractive entry point ahead of key milestones for Goliath cells in transportation markets such as achieving D8 and MVP samples, which remain on track for CY2025. We reiterate our BUY and 70p TP.
This morning Ilika has announced it has completed testing of its Goliath D5 prototypes, further confirming the safety characteristics of its batteries. The key findings from the testing programme provide further validation along the development curve to D8 and MVP samples, which remain on track for calendar year 2025. We also note that just last week, at the World New Energy Vehicle Congress held in China, BYD, the world’s largest new energy vehicle maker and the second-largest maker of batteries, publicly supported solid-state batteries as part of the future transport mix for the first time. We reiterate our BUY and 70p TP.
Ilika this morning has announced that safety tests undertaken by independent assessors have demonstrated the superior safety of Goliath solid-state cell battery prototypes vs. current commercial lithium-ion equivalents, which exceeded expectations. The tests highlight the well-documented improved safety of solid-state battery technology and provides more proof of the technology's use case alongside its higher energy density. We reiterate our BUY and 70p TP.
FY24 finals came in broadly in line. The financial year and post period saw Ilika deliver on a number of big milestones in both the Stereax™ and Goliath solid-state-battery (SSB) commecialisation programs. The larger format Goliath cells for automotive EV application achieved exciting targets namely: (i) first design-freeze prototype D4/P1, (ii) energy-density parity with incumbent LiIon technology and (iii) tier-1 automotive customer-sponsored in house and importantly customer site testing of P1 prototype cells. With first customer shipments of Stereax micro solid-state batteries, and the transfer of manufacturing to US medical device market-entry and distribution specialist partner Cirtec Medical LLC on track, Ilika’s SSB technology platforms are gaining visibility in both markets. Ilika moves steadily toward commercial reality in high-growth global markets and the associated value inflection.
FY24 was a year of considerable progress for Ilika including first customer shipments of Stereax batteries from its UK pilot manufacturing facility and achieving D4 design freeze and Li-ion energy density parity in its Goliath prototypes. Despite a quicker pull forward of some grant funding into FY24A prompting a decline in our forecasted grant revenue in FY25E, we highlight that the investment case is not based on short-term grant revenue phasing. Achieving a minimum viable product (MVP) in Goliath is in progress and on track for CY25 and remains a significant catalyst. We reiterate our BUY recommendation with a new 70p TP (from 65p).
The net proceeds of the proposed £3.4m capital raising are expected to drive Ilika's roadmap for its Goliath solid-state battery projects. This should take Goliath through to MVP and partner prototype, which is a crucial precursor to commercial ramp up. Ilika has therefore increased the target capacity of this equipment from 0.5 to 1.5MWh/a to allow it to scale production volumes and mature its technology to the level required to respond to automotive requests for quotation (RFQ) by the end of 1H 2025.
Two significant pieces of news from Ilika today confirming that Tata subsidiary, Agratas, has joined the UK grant supported SiSTEM project. In addition, Ilika and Agratas have entered into a 12-month agreement to collaborate on Goliath to support Ilika’s journey to its D8 (50Ah, chemistry frozen) development milestone. We believe the collaboration with a major corporation with deep battery chemistry expertise and a material balance sheet could represent a precursor to a strategic partnership as Ilika advances towards commericalisation in its EV roadmap. BUY.
A very upbeat CMD (here) from Ilika today outlined the impressive operational progression the company has achieved over the past 12 months. Of note, from a financial standpoint, is the robust liquidity position expected at FY24 (April 2024), demonstrating management’s ongoing prudent approach to capital discipline. We thought the partnership with Cirtec was of particular importance to investors present, with the deal demonstrating the de-risking of Ilika’s mm-scale product offering while also allowing the company to place a greater focus on its high-growth EV division. The recap of D4 development status and Li-ion energy density parity at Goliath were very well received in terms of key milestones as the company progresses towards its first prototype for customer release this year.
Ilika continues to make strong progress across its Goliath and Stereax divisions, with several key milestones achieved during the second half of 2023. The deal with Cirtec, which concluded in August 2023, served to significantly de-risk Ilika’s mm-scale product offering while also allowing the company to place a greater focus on its high-growth EV division. We also see the recent achievement of D4 development status and Li-ion energy density parity at Goliath as important achievements as the company progresses towards its first prototype for customer release this year. We reiterate our BUY rating and 65p/share TP.
Ilika continues to make material progress across its Goliath and Stereax divisions, with several key milestones achieved this year. The deal with Cirtec, concluded in August 2023, served to significantly de-risk its mm-scale product offering while also allowing the company to place a greater focus on its high-growth EV division. We also see the recent achievement of D4 development status at Goliath as an important development as the company progresses towards its first prototype for customer release next year. We reiterate our BUY rating and 65p/share TP.
In a positive update, Ilika has received further validation of its Goliath solid-state battery (SSB) offering through the award of £400k of funding support from the UK Government’s Automotive Transformation Fund (ATF). The funds will be used to scale-up its Goliath pilot production capability through a collaboration with Mpac Group and will see the development of a scaled SSB assembly line which will be capable of delivering A-sample automotive pouch cells for testing in 2025. We reiterate our BUY rating and 65p/share TP.
Shareholders will be encouraged by confirmation that Ilika has concluded its strategically important manufacturing licence with Cirtec, which we believe serves to significantly de-risk its Stereax product offering. The key next step will be the transfer of machine sets to the US for Cirtec to operate on loan, to enable a quicker technology transfer and qualification process, which we estimate to take six months. We also note that Ilika’s revenue guidance for the next few years remains unchanged for now, however we expect further clarity will be provided on commercial progress at its half year results early next year. We reiterate our BUY rating, increasing our TP to 65p/share (from 60p/share) reflecting a reduction in our Stereax risk assumptions.
Whilst Ilika’s FY23 results have come in as expected, the progression across the operational side of the business has been considerable. First Stereax deliveries to customers has been achieved, and the conclusion of terms with Cirtec Medical appear to be in sight. At Goliath, the company is targeting li-ion energy density parity by the end of 2023 ahead of sharing prototype cells with partners in H1 CY24. Despite a c.46% rally in Ilika’s share price YTD, we see the current valuation as a compelling entry point for investors ahead of several share price catalysts across its core divisions in 2H CY23. BUY.
2023 has started well for Ilika, particularly with regards to its Stereax division. First deliveries to customers and ongoing discussions with Cirtec Medical suggests commercialisation of its medical SSBs is in sight. At Goliath, the company is targeting li-ion energy density parity by the end of 2023 ahead of implementing a scale-up to mega-factory scale in order to support a commercial roll-out of a small portfolio of electric hyper and super car models. Ilika’s share price (albeit +78% YTD) continues to reflect the long-term upside potential to investors. BUY.
Ilika, ATOME Energy, Mitchells & Butlers, Ashtead Technology, On the Beach, Safestyle, SMID Market Highlights
IKA ATOM MAB AT/ OTB EZJ DRX VTY TYMN SAG SDY 73S ROYMF
Ilika, ATOME Energy, Anglo American, British Land, Mitchells & Butlers, Uniphar, Ashtead Technology, On the Beach, Safestyle, Market Highlights
IKA ATOM AAL BLND MAB UPR AT/ OTB CTEC EZJ DRX VTY TYMN SAG SDY 73S ROYMF
2023 has started well for Ilika, particularly with regards to its Stereax division. First deliveries to Blink Energy and now to CubeWorks and Lura Health suggests commercialisation of its medical SSBs is in the ascendency. Ongoing discussions with Cirtec remain encouraging and we would not be surprised to see a positive near-term outcome. At Goliath, the company is targeting Li-ion energy density parity by the end of 2023 ahead of implementing a scale-up to mega-factory scale in order to support a commercial roll-out of a small portfolio of electric hyper and super car models. Ilika’s share price (albeit +100% YTD) continues to reflect material value to investors in our view. BUY.
Ilika has received further validation of its Goliath solid-state battery (SSB) division through a UK grant of £2.8m, whilst also taking the lead on a 24-month £8.2m Faraday Battery Challenge collaboration. The company is targeting li-ion energy density parity by the end of 2023 ahead of implementing a scale-up to mega-factory scale in order to support a commercial roll-out of a small portfolio of electric hyper and super car models. Today’s news follows similarly positive developments with regards to Stereax last week, Ilika’s share price (+70% YTD) continues to reflect the long-term transformational upside potential to investors. BUY.
Following the company’s detailed trading update in November 2022, there is little by way of surprises in today’s 1H23 results with regards to financial performance and near-term outlook. Despite well documented challenges with regards to Stereax, it has been a period of solid operational advancement for Ilika, which has translated to >70% progression in its share price YTD. Elsewhere, Goliath remains on track, with Ilika targeting li-ion energy density parity by the end of 2023. Following which, the company anticipates implementing a scale-up to mega-factory scale in order to support a commercial roll-out of a small portfolio of electric hyper and super car models.
Whilst there will be shareholder disappointment following Ilika’s latest trading update, we remain of the view that the company’s underlying solid state battery (SSB) technology remains compelling, and still represents a structurally sound opportunity to disrupt the monopoly held by lithium-ion technology. Nevertheless, the anticipated delays to product qualification at Stereax, in addition to extended commercialisation timeframes for medical devices, will impact financial forecasts to the downside. We therefore reduce our TP to 60p (from 117p) but maintain our BUY rating citing the clear longer-term opportunity.
Ilika, Clarkson, Restaurant Group, Loungers, Caledonia Group, CMO Group, Mining LOWdown, SMID Market Highlights
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Ilika, Clarkson, Restaurant Group, Loungers, Caledonia Group, CMO Group, Mining LOWdown, Market Highlights
Following the company’s detailed trading update in May 2022, there is little by way of surprises in today’s FY22 results with regards to financial performance and near-term outlook. It has been a year of solid operational progression for Ilika, particularly with the installation and commissioning of its Stereax manufacturing facility where initial orders are expected to be fulfilled in early 2023. Elsewhere, Goliath remains on track, with Ilika targeting manufacturing readiness in 2023. Following which, the company anticipates implementing a scale-up to mega-factory scale in order to support a commercial roll-out of a small portfolio of electric hyper and super car models. BUY
Ilika’s trading update on 11 May confirmed that results for the year ending April 2022 (FY22) were in line with expectations. However there have been some factory related delays in the qualification process relating to its miniature Stereax batteries. Our new estimates foresee very modest commercial sales now in the coming year and full factory capacity being reached two years later than originally anticipated in FY25. The delay is obviously a disappointment but would appear to be a plant commissioning issue rather than demand related. New TP 117p (from 245p) reflecting lower projections plus a higher discount rate assumption of 12% (from 10%).
Ilika, Restaurant Group, Wickes, Shanta Gold, SMID Market Highlights
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Ilika, Ferguson, Restaurant Group, Wickes, Shanta Gold, Market Highlights
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In this report we focus on the opportunities in the medical device market where Ilika’s tiny thin-film solid state batteries are a key enabler for companies seeking to develop a variety of smarter, smaller and more responsive implantable medical devices. Ilika has seen enquiries from 16 medical device developers and will have manufacturing capacity for c300,000 devices p.a. before licensing. The potential is significant given there are 2 million knee/hip implants p.a. and c30m fatalities from chronic heart disease
Ilika has released a first half trading update in which it highlights the fund raise this summer for Goliath, the progress on installing equipment ahead of the Stereax ramp, and headline financials. Our previous forecasts were posted in April’s in-depth report (David market cap, Goliath opportunity). Herein we take the opportunity to update our numbers to reflect the fundraise, as well as the fact that 1Q22 will be spent qualifying the new micro-batteries meaning sales and production will only partly ramp next FY now. We remain confident about sales growth over the coming years and expect revenues of £11m in FY24. BUY.
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IKA WINE BAB UPR SBI PLUS XPP FUM NRR SOLG RDWWF
Ilika, Lookers, Motorpoint, Unite, KAZ Minerals, Hammerson, SolGold, Cake Box, SMID Market Highlights
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Ilika, Lookers, Motorpoint, Unite, KAZ Minerals, Hammerson, SolGold, Cake Box, Market Highlights
In this report we provide an update on the developing customer interest for Ilika solid-state micro-batteries for medical devices and smart machinery sensors and the valuable IP it is building in Goliath cells for future EVs and cordless appliances. We illustrate there are few rivals for its millimetre sized batteries and few with a longer history in larger cells. We ascribe a higher value now to Goliath following recent progress in EV markets and validation for solid-state from leading car makers VW and Toyota and the much higher market capitalisation commanded by QuantumScape. TP now 320p (c£450m market cap).
IKA has revealed in-line headline results for the 6m ending October today, ahead of full results on 14/1/21. Since the FY results published in July there have been three positive developments in relation to the longer term opportunity in large format batteries.
Last Thursday, solid-state battery maker QuantumScape (QS) became the latest transport technology play to announce a fastrack US public listing. QS had already attracted funding from VW and Bill Gates and Vinod Khosla's venture funds and will end up with over $1bn of net cash once the SPAC merger deal completes in 4Q.
Today's FY19/20 financial results are uneventful because Group financial headlines had been reported already and because the past fiscal year and this year is about putting in plans for scaling up microbattery production and progressing grant funded EV battery programmes, not major revenue expansion. The company has said it has sufficient customer interest from medtech and industry 4.0 device manufacturers to sell 100,000 and then 200,000 batteries by FY23 and late decade which will translate we believe into £12m and £25m revenues and EBITDA of £1.7m and £7m.
On May 14, the Chinese authorities announced new battery safety standards for battery electric cars and buses, effective 1st January 2021, that potentially has major ramifications for the shape of battery materials demand. One of the new measures requires that tested cells are able to sustain a thermal runaway trigger for 5 minutes before the battery pack catches fire.
We are reinstating coverage with a Buy rating and price target of 50p following the recent £15m share placing to fund production scale-up for micro-batteries. Our TP reflects a DCF of the micro-battery business which has sufficient customer interest to achieve over £12m annual sales by FY23 and £25m later this decade we believe, generating EBITDA of £1.7m and £7m respectively.
ilika has announced details of a c.£17m proposed placing and open offer. This will be used to fund investment in the scale-up of production for its solid state micro-batteries using wafer manufacturing partners as well as strengthening the balance sheet and providing additional working capital.
CEO Video - Ilika, Volution Group, Staffline Group, British American Tobacco, Pearson, AJ Bell, Integrafin, Safestay, Market Highlights
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CEO Video - Ilika, Volution Group, Staffline Group, AJ Bell, Integrafin, Safestay, SMID Market Highlights
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In these three short videos Ilika CEO, Graeme Purdy discusses Ilika’s involvement in one of the areas of the EV battery market attracting most interest – solid electrolytes. He discusses the potential advantages when a solid electrolyte replaces a liquid solvent electrolyte, the target applications Ilika is addressing and the main adoption challenges.
Kaspi.kz, the largest Paym ents, Marketplace and Fintech Ecosystem in Kazakhstan w ith a leading m arket share in each of its key products and services, has postponed its Initial Public Offering due to unfavourable market conditions. Registration document approved for Helios Towers. The Group provides essential network services, flexible infrastructure solutions and reliable power supply to mobile network operators in five African growth economies. Revenue increased 7 per cent. year-on-year to US$191m (H1 2018: US$178m), with Adjusted EBITDA up 15 per cent. year-on-year at US$99m (H1 2018: US$86m) for the six months ended 30 June 2019. Pricing rumoured at 115p to 145p implying valuation of up to $1.8bn
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Solid state battery developer Ilika made good commercial progress in FY19 growing revenues by 26% whilst trimming net losses slightly. Cumulative corporate enquiries reached ca.115, up from ca.95 a year earlier.
Solid state battery developer Ilika made good commercial progress in 1H (6m ending October) whilst maintaining operating losses at a similar level to the year earlier. By the end of 2018, engagements had reached ca.90 corporates up from ca.70 a year earlier.
Yesterday the UK government business minister Greg Clark announced a package of grant funding offers, amounting to £22m, to UK based companies involved in advanced battery technologies and automotive engineering including Ilika, McLaren Automotive, Williams Engineering and Aston Martin. Ilika has been offered £4.1m of funding relating to two projects leading one and and being the largest awardee in the other.
The shares have halved over the last year, hurt by restructuring at two major shareholders and retail investor disappointment that a first licensing deal has yet to emerge. We estimate the current cost of Ilika material research equipment is £10m, so its IP in solid state batteries (SSBs) for industrial IoT (IIoT) applications is £7m.
Keystone Law Group— full service law firm with over 250 self-employed lawyers . Due late Nov. Offer TBA Beeks Financial Cloud -niche cloud computing and connectivity provider for automated (algorithmic) trading in Forex and Futures financial products . Raising £7m. Mkt Cap c.£24.5m. Due 27 Nov. FYJun17 rev £4m. Profitable at operating level. City Pub Group - owner and operator of an estate of 34 premium pubs across Southern England. £30m raise. Consistent track record of strong revenue and EBITDA growth, with a three year CAGR from FY14 to FY16 of 34.9% and 44.8% respectively, and an EBITDA margin of 14.7% in FY16. Due late Nov. Offer TBA. Boku - Independent direct carrier billing company. Revenues were up 21% to US$10.2 in HYJun17. Q32017, revenues grew to $6.5m, up by 44%. The Company also saw continued growth across all of its key metrics: user numbers, total payment and a positive adjusted EBITDA for the month of September 2017. Due 20 Nov. Offer raising £45m at 59p with mkt cap of £125.9m. Ten Lifestyle Hldgs. Technology-enabled lifestyle and travel platform providing trusted concierge services to the world's wealthy. Net revenue increased from £20m in the year ended 31 August 2015 to £33m in the year ended 31 August 2017, a compound annual growth rate of 29%. Offer TBA, expected 27 Nov 2017. OnTheMarket—Intention to float on AIM to raise c.£50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m. OG Graphite, brownfield development-stage graphite company focused on the reactivation of its wholly-owned Kearney natural flake graphite mine and mill located 280 km north of Toronto, Canada. Offer TBA, expected mid November. Shefa Yamin minerals company focused on the exploration for precious stones in Northern Israel. Net Proceeds will be used to advance the Company's mining project. Offer TBA. Sabre Insurance Group—Private motor insurance underwriter, founded in 1982. Raising c.£213m. C.£206m to purchase outstanding preference shares. Generated gross written premiums in 2016. Due December. Bakkavor—After being postponed on 3 November the provider of fresh prepared food has today set its offer price at 180p. Primary raise of £100m plus vendor sale in combination totalling 25% of enlarged capital. Mkt Cap c.£1bn. FY 16 Revenue: £1,763.6 million. FY 16 Adjusted EBITDA: £146.4 million . Due 16 Nov Aviva Investors Secure Income REIT - Targeting £200m raise. Will invest in a diversified portfolio of high quality, long-lease commercial real estate assets located within the UK and leased to predominantly investment grade tenants. Due Dec. Cabot Credit Management -one of the largest credit management services providers in Europe and the market leader in the UK and Ireland with total 120-Month ERC of £2.2bn. Raising c.£195m. Offer TBA. Due November. M7 Multi-Let REIT—Intends to raise up to £300m at 100p. Aims to acquire and hold a portfolio of UK regional light industrial and regional office assets diversified by geography, asset type and tenants that is expected to generate stable income returns and, where appropriate, offer the potential to leverage and enhance returns through active asset management initiatives. Due 30 Nov. En+, international vertically integrated aluminium and power producer with core assets located in Russia. Priced at $14 per GDR. $1.5bn offer of which $0.5bn primary to pay down debt. Dual listing in Moscow. Unconditional dealings 8 Nov.
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Ilika continues to make excellent progress on commercialising its solid-state battery platform, and today announced the launch of Stereax P180, a version of Ilika’s Stereax™ technology designed to operate in hostile environments, including across an extended temperature range from -40°C to +150°C. Incumbent lithium ion technology has both polymer and liquid in its core design, which limit the environment and temperature range where it can operate safely and effectively. Solid-state architecture obviates such limitations, and Stereax P180 is the first platform being made available to the market offering robust extended functionality. Stereax P180 comes at a time when the Industrial Internet of Things (‘IIoT’) is exploding, intensifying the market pull for battery technology stable in more extreme environments. Accenture forecast IIoT will boost global GDP by $15T by 2030. As well as the IIoT, Stereax P180 offers stable battery solutions in growth applications in the automotive, aerospace and infrastructure markets.
On March 9th Ilika announced a $1m deal with its established blue chip partner Toyota in ‘a new application area’. Yesterday’s RNS reveals, via an announcement from the Toyota Research Institute (‘TRI’), that the new area is the application of artificial intelligence (‘AI’) to rapid materials discovery. TRI is investing $35m over four years with Ilika, and a handful of world-class R&D institutions, which includes Stanford and MIT, to incorporate AI into materials discovery. The goal of the program is to significantly accelerate the process further, and increase the number of materials made, thus increasing the number of new improved materials discovered. As the world’s largest automotive company, Toyota’s key initial target areas are advanced materials for battery and fuel-cell catalysts, which improve performance and reduce emissions. Toyota targets reducing its new vehicle emissions by 90% by 2050. TRI was established in 2015 and is wholly owned by Toyota North America. Ilika is the only project partner cited outside the USA.
Ilika continues to make progress on the commercialisation of its Stereax™ solid-state battery platform, as well as the continued delivery of its materials discovery, development and optimisation expertise to blue-chip OEMs, with recent contract awards that include renewals and extensions from Seagate and Toyota. In our interim update on January 9th, we flagged how timing uncertainty in first upfront licensing payments from high prospect solid-state battery commercialisation OEMs may affect c.50% of our FY forecasts. In today’s trading update Ilika has been cautious, and predicts first licensing payments will not land before year end. We reduce FY17 and FY18 revenue forecasts by 56% and 40% to £1.1m and £2.9m respectively, which feed through to a reduction in FY18 closing cash balance of 51% from £6.9m to £3.4m. We reiterate this scenario was well flagged, and remain highly positive on the prospect of Ilika commercialising its world-class, solid-state battery platform in its high-growth, target mass markets.
This morning’s announcement from Ilika, although relatively modest in initial top line impact, has significant commercial implications in the medium to longer term. Galvani was established to advance bioelectronic medicine, an emerging scientific field aimed at using tiny implantable devices to control electrical signals in nerves to treat a range of debilitating chronic diseases. Galvani combines GSK’s world-leading drug discovery and disease biology expertise, with Verily’s expertise in the miniaturisation of low-power electronic devices, data analytics and software development for clinical applications. Veriliy – formerly Google Life Sciences – was set up by Google founders Larry Page and Sergey Brin for the advancement of life sciences. Solid-state battery technology is really currently the only existing low-power source choice for intra-body bioelectronic medical applications for the following reasons: i. There is no potential for the leakage of harmful liquid electrolytes into the human body chemistry. ii. Solid-state battery chemistry can be miniaturized to a further extent than liquid based chemistries, due to negligible leakage currents and the capacity to maintain much smaller charges for much longer times. Ilika’s Stereax™ solid-state battery platform has been selected for the development effort. For bioelectronics applications of this nature batteries are charged wirelessly in situ using magnetic fields in a process known as nearfield charging. The first stage of this development is being funded by Innovate UK and the Medical Research Council.
In its trading statement on November 23rd 2016, Ilika referenced an existing blue-chip customer had given notice of intent to enter into a 12 month materials development program in a new application area worth $1m to Ilika. This morning it confirms that the deal with Toyota has successfully come to fruition and been signed. This is excellent news for Ilika and its shareholders for the following reasons. Firstly, it shows the strength of the company’s relationship with Toyota, and the belief Toyota has in Ilika’s world-class materials discovery platform. Secondly, it is further proof that the company’s core rapid materials development and optimization model for blue chip clients is in good health. Thirdly, that it is an ‘initial’ project, with the likelihood of follow-on and related programs in the same application area.
Ilika announced to the market this morning that it has been awarded £366K of a £576K Innovate UK grant to lead a collaboration with blue-chip electronic wafer processing company Seagate, to develop photonic materials and processes for improved hard disk drive (‘HDD’) technology. More important than the modest boost to Ilika’s top line, this commercial development is bluechip validation of Ilika’s core rapid materials discovery and optimization business model in high-tech, high-growth areas other than solid-state batteries.
Ilika’s interims today show the company is executing its solid-state battery commercialisation strategy as planned. We leave FY17 & FY18 forecasts unchanged and look for first OEM licensing deals and associated up-front payments in the coming months. The very low leakage currents, high energy densities, extended life span and hot operation capability of Ilika’s, state-of-the-art, StereaxTM solid-state platform, compared to incumbent lithium ion technologies, open up lucrative, high-growth, miniaturized (1mm2), elevated temperature and energy harvesting sensor markets. Examples of such are internet of things (‘IoT’), bio-electronic, industrial and transport applications. Ilika is rightly focussing (c.75% of resource) on solid-state battery commercialisation. The remaining resource is focussed on core materials development contracts in other areas, including aerospace engine super-alloys, electronic materials, and lithium-sulphur batteries for scale storage, with BAE systems & GKN, Seagate and Johnson Matthey respectively.
Ilika announced to the market this morning that it has been awarded £320K of a £500K Innovate UK grant to lead a collaboration with two iconic blue-chip companies to develop an autonomous energy harvesting power source, which is then used to power a wireless sensing platform. The two companies are electronics giant Sharp, who will provide the solar energy harvesting technology, and automotive legends McClaren, through its Applied Technologies division, who will provide the sensing and integration technology, and will look for initial applications in motor sport and automotive. Follow on potential markets are healthcare and wearables, as the Internet of Things (‘IoT’) explosion gathers pace. Ilika will provide its StereaxTM solid-state battery technology for the storage element of the device. The aim is to create a robust, maintenance-free, small-footprint device that can operate in demanding environments including up to 100°C. Conditions that solid-state batteries are far more able to handle than incumbent lithium ion technology.
Ilika released a positive trading statement this morning for the period to October 2016 ahead of its FY17 interim results, scheduled to be announced on January 7 th 2017. Excellent post-period events include the intent to award Ilika 3 solid-state battery development grants aggregating £1.4m, and a likely $1m materials development contract from an existing blue-chip OEM customer. The OEM development contract is in a non-battery application area, and demonstrates that as well as its focus on solid-state battery commercialization, Ilika’s core commercial materials development engine across a number of hightech sub-sectors continues to function well. Ilika expects all these programs to begin before the full year end in April, and we leave our forecasts unchanged.
Yesterday’s announcement by Ilika that the successful £6.3m (circa $8m) equity fundraise has been approved at EGM is excellent news for the company. The capital raise is the next key step in the commercialisation of its world-class, Stereax™ solid-state battery technology. It provides the necessary balance sheet strength to give management the chance to maximise value for llika and its shareholders ahead of key OEM partner engagement negotiations for the full commercialisation of its state-of-the-art platform. The very low leakage currents, high energy densities and extended life spans of Ilika’s solid-state platform, compared to incumbent lithium ion based technologies, make it an excellent fit for small scale (1mm2 ), elevated temperature and energy harvesting sensor technologies. Examples of such are internet of things (‘IoT’), bio-electronic and transport applications
Ilika’s announcement this morning that it has been selected as a key technology partner in an Innovate UK funded, Johnson Matthey (“JM”) led program, to develop advanced anodes for Lithium Sulphur batteries is extremely positive. As well as a modest cash injection for Ilika, the announcement is relevant for the following reasons:
In April 2016 Ilika launched its first commercial solid-state battery product class, the Stereax™M250, at the IDTechEx exhibition in Berlin. This was a watershed event. Ilika’s state-of-the–art battery is designed to power Internet of Things (‘IoT’) devices, a 15bn unit market in 2015 currently growing at 200%/y, for which improved, wireless, power solutions of the specification that Ilika is able to produce are sought. A pipeline of interested blue-chip customers is growing rapidly, and in reaction to market pull, Ilika is designing reduced power and footprint Stereax™ M class products for the semiconductor and medical device industries. Follow-on Stereax™ C class and Stereax™ P class platform launches are also planned over the next 12- 18 months. Stereax™ C utilises Ilika’s unique ability to stack solid state-cells for same-footprint, increased-capacity markets, and Stereax™ P is designed for high temperature environments including certain automotive applications. Ilika’s 2016 finals were in-line and maiden 2018 forecasts reflect the growth we anticipate in Ilika’s solid-state battery commercialisation program.
On March 15 2016 Ilika, the rapid materials discovery and optimization specialist, announced it would be launching a commercial solid-state battery for IoT applications at the IDTechEx Conference in Berlin on the 27th of April this year. The StereaxTM M250 was duly launched this week, and early reactions are extremely positive. ARM vice president of segment marketing Charlene Marini said: “Ilika’s StereaxTM battery technology can enable ‘leave for life’ IoT devices capable of producing data over extended periods with minimal maintenance. This is where the IoT starts to shed the power tether that could restrain its spread into new and exciting off-grid applications.” Ilika’s StereaxTM batteries use state-of-the-art patented materials and processes to achieve superior energy density, up to 40% improvement on current solid-state solutions, and increased operating temperature range to over 100°C, 30°C higher than existing solid-state products. Ilika’s batteries do not contain any free lithium, which makes them more moisture resistant.
Ilika, the rapid materials discovery and optimization specialist, announced this morning that it will be officially launching a commercial solid-state micro battery at the IDTechEx Conference in berlin on the 27th of April this year. This is a world first, and has been made possible by Ilika’s proprietary process that is capable of producing stacked, solid-state battery architecture. The micro batteries are set to revolutionise how Internet of Things ("IoT") sensors are powered in multiple growth markets, including medical, smart buildings, smart homes and automotive. This constitutes the on-schedule delivery of the first stage of Ilika’s public domain commercialisation program for its solid-state battery IP, that will ultimately be scaled-up to power larger, consumer electronic devices including tablets and smart phones. This is a fantastic achievement, and puts Ilika firmly on the map as a world-leader in the race to commercialise solid-state battery technology and capture global growth mass markets.
Following the December 2015 trading update, Ilika’s interims are in-line to deliver FY16 forecasts. Very small batteries with extended lifetimes will be a key differentiator in the rapid growth areas of wearables, smart homes and the Internet of Things (“IoT”). In all other areas of technology and consumer electronics, including tablets and smart phones, the restrictions of recharge necessity are something with which we all identify. The market pull for superior battery technology continues to intensify. Mass-market commercialisation of solid-state batteries offers a step-change; enabling lighter, safer, batteries that charge 6x faster, last 4x longer, and have over 2x the energy density of the highest performance lithium ion incumbents. Ilika is a world-leader in solid-state battery commercialisation. Under the guidance of recently appointed Chairman Mike Inglis, ex Commercial Director of ARM holdings, Ilika has a licensing strategy for its world-class solid-state battery IP designed to protect against giving away too much too early, optimising the considerable value of its IP and processing know-how. We fully support this strategic shift, and how it shapes our near-term forecasts.
Proponents of battery technology have long decried its slow development when compared to the exponential growth of microchip processing capacity over the past few decades.
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Ilika is a world leader solid-state batteries, with an IP commercialisation program progressing strongly. The rapid rise of smart homes and the Internet of Things (“IoT”), as well as advancement in all other areas of technology and consumer electronics, further intensifies the market pull for superior performing batteries. The limitations of recharge necessity are something with which the whole world identifies. Mass-market commercialisation of solid-state batteries will be a step-change; enabling lighter, safer, batteries that charge 6x faster, last 4x longer, and have over 2x the energy density of the highest performance lithium ion incumbents. To extract full value from an excellent position, Ilika has shifted the majority of its resource into its battery program, away from executing materials discovery contracts for blue- hip clients in other sectors. Under the guidance of Chairman Mike Inglis, ex Commercial Director of ARM holdings, Ilika has also put in place a licensing strategy for its world-class solid-state battery IP that is designed to mitigate against transferring value too early, and hence too cheaply. We fully endorse this strategic shift and how it alters the shape of our near-term forecasts.
Ilika, the rapid materials discovery and optimization specialist, announced this morning that the patent on its proprietary vapour deposition processing route for solid-state battery production direct from the constituent elements that enabled the key technological breakthrough of stacked battery architecture has been granted in China. This is a significant strengthening of the companies IP position in the area that has the potential to bring about a step change in battery performance and take large and growing global markets in sensors and consumer electronics including mobile phones.
Ilika, the rapid materials discovery and optimization specialist, announced this morning that it has been awarded a £466K grant to lead a 3 year project on development of self-healing alloys and production processes designed for 3D printing with BAE Systems and GKN as project partners.
An excellent result demonstrating the quality of Ilika’s IP and the diligence with which the company protects its IP portfolio to maintain value.
This morning’s announcement by Ilika, the rapid materials discovery and optimization specialist, is important, as it reminds us that despite its strong current focus on solid-state battery commercialization, Ilika’s state-of-the-art rapid materials discovery and optimization platform, which sits at the heart of the business, is capable of generating revenue and valuable IP in multiple high-tech industries. Ilika has been awarded a circa £0.2m grant by the UK government technology and science advancement body ‘Innovate UK’, to conduct a two year development project on smart nanomaterials for the next generation of electronic data storage. The project is in partnership with Seagate, the market leading company in hard disk drive (‘HDD’) magnetic recording technology, and the university of Southampton.
