Ilika (AIM:IKA), an AIM-listed developer of solid-state battery technology, is seeking to raise approximately £5 million gross through a combined placing, retail offer and director subscriptions to fund the commercial rollout of its Stereax medical battery and the continued development of its Goliath electric vehicle cell.
The company held £5.3 million in cash as at 30 April, meaning the raise, if completed in full, would bring total available liquidity to around £10 million before expenses.
Up to £2 million of the proceeds is earmarked for the Stereax commercial programme, covering product optimisation with US manufacturing partner Cirtec Medical, validation of the M300 micro-battery for end-customer testing, and triggering initial royalty payments under the ten-year licence signed in August 2023.
The remaining £3 million is directed at Goliath, funding prototype optimisation, battery formation equipment, test programme execution and delivery of a 10Ah minimum viable product targeting consumer and defence markets alongside the original electric vehicle application.
Ilika received its first revenue-generating purchase order from Cirtec in January 2026 and currently has 16 customers evaluating the Stereax M300, while Goliath 10Ah cells have drawn positive safety feedback from a UK defence agency and form the basis of a joint development agreement with Brompton Bicycles announced in April 2026.
