Ilika plc (LSE:IKA), the UK developer of solid-state batteries, has announced encouraging safety test outcomes for its Goliath large-format cells following evaluations conducted by a UK defence agency, highlighting their suitability for demanding defence-related applications.
Independent firing-range trials found that the Goliath 10Ah cells delivered comparable — and in some cases improved — thermal safety performance relative to conventional NCA lithium-ion batteries. Notably, the Goliath cells stored roughly three times more energy while exhibiting safer thermal characteristics, including a delayed onset of thermal runaway and lower temperatures during runaway events.
The results reinforce Ilika’s strategy of positioning enhanced safety as a key differentiator for its Goliath battery platform. This safety profile is particularly relevant for high-risk operational environments such as defence systems and unmanned aerial vehicles. Feedback from a UK defence power-systems specialist involved in the evaluation indicated interest in continuing the assessment process for potential defence deployment, suggesting opportunities for Ilika to strengthen collaborations in safety-critical sectors and move closer to commercialising its solid-state battery technology.
However, Ilika’s broader outlook remains constrained by financial headwinds. The company has reported declining revenue, ongoing losses, and negative operating and free cash flow. Technical indicators also remain weak, with the shares trading below major moving averages and showing a negative MACD trend. Valuation metrics are further pressured by the absence of positive earnings.
These concerns are partially balanced by operational progress highlighted in recent earnings discussions, including customer shipments, incoming purchase orders, and development milestones for battery prototypes. Even so, continued cash burn and the long timelines associated with licensing agreements remain important risks for investors to monitor.
More about Ilika plc
Ilika plc is a UK-based developer of solid-state battery technologies serving industries such as electric vehicles, medical technology, and consumer electronics. The company produces Stereax miniature solid-state batteries designed for medical implants, industrial sensors, and IoT devices, alongside its Goliath large-format batteries aimed at electric vehicles and cordless equipment. Ilika’s business model centres on licensing its proprietary battery technology to OEMs and manufacturing partners in exchange for fees and future royalty streams.
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