Ilika receives £15 million in equity funding to expand EV battery production

With a £5-million grant from the UK Government’s Faraday Battery Challenge Fund, Ilika  Technologies has extended its product roadmap to develop large-format Goliath pouch cells. Another 15 big ones in equity funding was provided by a combination of existing and new UK-based institutional shareholders.

Ilika currently produces its Stereax batteries on a pilot line in Southampton, UK. It now intends to implement a partnering model with one or more third-party fabrication facilities (fabs) to produce Stereax at scale. This equity placing will be used to purchase manufacturing equipment which Ilika will install in its selected fab. Ilika will continue to receive orders from its customers and, where appropriate, will outsource wafer production to the fab to allow it to fulfill larger orders.

Ilika’s CEO Graeme Purdy stated, “This is an important milestone in Ilika’s development, which provides the company with an opportunity to address exciting global markets. We would like to thank both existing and new shareholders for their support and advice.”

Source: Ilika