Solid-state battery company secures US$29m funding to further develop its technology

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Ilika, a solid-state battery company, has announced that it has successfully raised gross proceeds of US$29m through placing shares with institutional and retail investors.

The proceeds of the placing will be used to accelerate the development of Ilika’s Goliath solid-state battery technology, which can exceed lithium-ion battery performance, involving a tenfold increase in the capacity of the Goliath pre-pilot line, from 1 to 10 kWh/week, and have the capital to be able to support Goliath product development until mid-2023.

Following the development plan funded by this placing, llika plans to further develop Goliath technology until manufacturing readiness, followed by the planned transfer of production to a MWh-scale facility, such as the Battery Industrialization Center, from 2024. Ilika expects to commence commercial sales of Goliath products from 2025 onwards, targeting consumer appliances and supporting EV development programs. Production at GWh-scale is planned through either a manufacturing JV or licensing from 2026.

Graeme Purdy, Ilika’s CEO, stated: “I’d like to thank Ilika’s new and existing investors for supporting the Company’s Goliath development program 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.”

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