Ilika

Ilika's business model transitioned from contract R&D for partners like Toyota and Shell to developing its own intellectual property, adopting an asset-light licensing model akin to that of semiconductor firm ARM. The company focuses on designing and piloting battery technologies, then licensing the IP to manufacturing partners for mass production. A key partnership for its Stereax batteries was signed in 2023 with Cirtec Medical, which will manufacture the batteries at its U.S. facility. Revenue is generated through a combination of grant funding, non-recurring engineering fees for custom designs, and future royalties from licensed products.

The company's technology is split into two distinct product lines. The first, Stereax, consists of millimeter-scale solid-state batteries for the MedTech and Industrial Internet of Things (IIoT) markets. These miniature batteries address the need for compact power sources in applications like implantable medical devices (neuro-stimulators, cardiac sensors), smart orthodontics, and industrial sensors operating in harsh environments. Stereax batteries feature a small footprint, long cycle life, low self-discharge, and enhanced safety due to the absence of flammable liquid electrolytes. The first customer shipments of Stereax M300 batteries began in 2023 to clients including Lura Health, for a wearable salivary diagnostic sensor, and CubeWorks, for smart sensing solutions.

The second product line, Goliath, targets the electric vehicle (EV) and cordless consumer electronics markets with large-format, watt-hour level solid-state cells. These batteries utilize an oxide solid electrolyte and a silicon anode, offering benefits in safety and performance. They can operate at higher temperatures than conventional lithium-ion batteries, which simplifies the battery management system and allows for a lighter pack with greater energy density. Ilika collaborates with automotive OEMs and Tier 1 suppliers through its Goliath Lead Partnership program, with 21 companies validating the technology. The development is supported by UK government funding, including from the Faraday Battery Challenge and the Advanced Propulsion Centre, with a goal of scaling up from pilot production to giga-scale manufacturing.