–News Direct–

Ilika PLC CEO Graeme Purdy discusses the companys positive trading update for the year to 30 April 2024 with Proactive Londons Stephen Gunnion.

The company expects to announce revenues of approximately 2.1 million from 0.7 million a year earlier and ended the period with cash and cash equivalents of 11.9 million, providing a solid foundation for future operations.

Key highlights included a ten-year licensing agreement with Cirtec Medical LLC in the US to commercialise miniature batteries for medical devices and wireless sensors. Additionally, Ilika announced a 12-month collaboration with the Tata Groups Agratas to develop Goliath cells, aiming for a 50 amp-hour battery by the first half of 2025.

The companys financial position is supplemented by a recent 1.7 million capital raise aimed at advancing the Goliath programme. Planned investments include upgrading dry room capabilities to handle moisture-sensitive materials and enhancing testing equipment for larger battery prototypes.

Purdy also provided an update on the Stereax production line, noting significant progress at the Massachusetts facility, with equipment commissioning and qualification underway.

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View source version on newsdirect.com: https://newsdirect.com/news/ilika-ceo-highlights-strong-2024-financial-performance-and-key-developments-303289305

Ilika PLC

COMTEX_452524466/2655/2024-05-17T14:26:46