Ilika (AIM:IKA), the solid-state battery developer focused on electric vehicles, medical devices and IoT applications, has closed a placing and director subscription; raising £4.56 million.
Some 16.27 million new shares were issued, priced at 28p each.
Proceeds are earmarked for the commercial launch and scale-up of the Stereax small-format battery, used in miniature medical implants and wireless sensors, and then to advancing the large-format Goliath battery toward a position where commercial licensing agreements with manufacturing partners can be secured.
CEO Graeme Purdy and CFO Keith Jackson both participated in the raise alongside institutional investors.
"Stereax continues to be of great interest to active implantable medical device developers while the Goliath EV roadmap has reached an exciting intersection point with the urgent sovereign needs of the defence sector," said Purdy, flagging that demand signals now extend beyond automotive into government procurement.
