Ilika PLC (AIM:IKA, OTCQX:ILIKF) CEO Graeme Purdy talked with Proactive's Stephen Gunnion about the company’s fundraise of up to £3.5 million, including a £500,000 retail offer, to support its key battery technologies—Stereax and Goliath.
Due to further demand, it conditionally raised gross proceeds of £3.3 million, excluding the retail offer.
Purdy explained that £1.1 million of the proceeds would back the final phase of tech transfer and commercialisation efforts for Stereax, which is being licensed to Cirtec Medical. Cirtec is making strong progress with initial production batches at its Lowell, Massachusetts, facility. “It’s a very intense period of activity for us with respect to Stereax,” said Purdy, highlighting Cirtec’s video shared at Capital Markets Day that outlines future commercial applications.
The remaining funds will support Ilika’s Goliath programme, focused on scaling up prototype solid-state batteries. “We are now testing the next batch, which actually are five times larger than the 2Ah prototypes we released last year,” he said, noting these 10Ah batteries move the company closer to meaningful commercial testing.
The fundraise aims to maintain momentum across both platforms and support ongoing customer engagement and validation processes.
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