Ilika Annual Results July 2024
Pioneer in Solid State Batteries (SSB)
2004
$280Bn
Stereax miniature cells used primarily to power miniature medical devices and industrial IoT
Company Founded
62
in Southampton UK
Patents
TAM for Automotive Batteries by 2030
£12M
Goliath large format cells targeting the automotive industry and cordless consumer appliances
Cash Balance 30th April 2024
Graeme Purdy
Chief Executive Officer & Co-Founder
Jason Stewart
Chief Financial Officer
Keith Jackson
Chairman
Jeremy Millard
Non-Executive Director
Monika Biddulph
Non-Executive Director
Non-Executive Director on the board of Celebrus Technologies plc, AFC Energy Plc and Power Roll Ltd
Senior leadership at Arm Holdings until 2018
Wide range of experience in both the commercial and technical aspects of an international technology business
Holds a PhD in Physics from the ETH Zurich
Founded Iridium Corporate Finance
Non-Executive Director and Chairman of the audit committee of Cambridge Nutritional Sciences plc
Leverages over 20 years of investment banking experience, providing corporate finance advice to science and deep technology sector clients
Former Chief Technology Officer at Rolls Royce Engines PLC and Meggit plc
Professor at Sheffield University's Automated Control and Systems Engineering department
Non-Executive Chairman of Libertine FPE
CFO since Jan 2023
Previously Interim CFO and other senior roles at Sunseeker International Ltd since 2010; prior to which was at B&Q and Kerry Foods
CIMA qualified accountant, with a BSc in Business from Manchester Metropolitan University
Founding CEO appointed in 2004
Led two VC funding rounds and IPO
Previously COO of Avantium BV and early career with Shell. Latterly NED with Bacanora Lithium plc.
Chartered engineer with an MEng in Chemical Engineering from Cambridge and an MBA from INSEAD
Louise Turner
VP of Product Development
John Tinson
VP Sales & Marketing
Joined Ilika in 2019 as VP Sales & Marketing
Holds a degree in Physics from Birmingham University
Career focused on early-stage UK technology companies in sectors such as opto-electronics, cabling solutions, industrial lasers and semiconductor design
Holds a PhD in physical chemistry from the University of Southampton (2012)
MBA from Quantic University (March 23)
Previously Stereax Technical Director
Her areas of expertise include the application of high throughput methods for the development of electrocatalysts and solid-state lithium-ion battery materials
Seasoned Management Team
Board and Management Team Offers a Wealth of Diversified Experience Across Multiple Industries
Asset-light licensing model demonstrated on production-intent equipment
Battery and assembly supply
IP defining materials,
batteries and process
IP defining materials,
batteries and process
Manufacturing
partners sell product to OEMs
Development
battery sales
OEM partners
sell product to consumers
Grant support and
engineering fees
% licence fees and royalties
% licence fees and royalties
Solid-state battery technology; growing patented portfolio across multiple jurisdictions
Asset light business model with a strong focus on reaching commercialisation
In-house, purpose built, fabrication facilities help drive and deliver scale-up plans
Licencing and royalty agreement with Cirtec set to deliver economy of scale and add the ability to rapidly ramp production of Stereax® batteries
First batch of prototype Goliath batteries shipped to automotive customer; engaging with wider portfolio of interested OEMs and Tier 1 companies on commercially sponsored evaluation trials
Across the world, people are living longer but not necessarily healthier lives, creating an immense burden on healthcare systems
Percentage of
obese people
20221
20222
26%
The use of smart electronic Active Implantable Medical Devices (AIMD) are at the forefront of a search for efficacy and productivity |
- naturalhealthst.com
- bbc.co.uk
© Eagle Picher
Large primary cell can only be fitted to chest or buttock space pockets in body
Small rechargeable cell, but low power (C-rate) and cycle count
Medical Li-ion Stereax Solid
Batteries State Batteries
Small Footprint
Ultra-thin
Fast Charge / High
Discharge Power
Safety
High Temperature
Tolerance
Stereax technology is capable of revolutionising the medical implant industry
Reduced surgery time
Located close to point of therapy
Long life in the body & user recharge at home
Able to power Bluetooth radio
AIMD Market
Penetration1
$5.7B
18.1%CAGR
Demand for medical batteries is being driven by innovation in electroceuticals and sensors
Neuromodulation | Implanted sensors | Orthopedics | Ophthalmic | Orthodontic | |||||
$4.2 Bn (2024) CAGR: 9.5% | $6.0 Bn (2023) CAGR: 11.1% | $26 Bn (2023) CAGR: 4.2% | Projected: $1.3 Bn (2030) CAGR: 29.3% | $5.8 Bn CAGR: 24% | |||||
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1 - transparencymarket.research.com
First Product Stereax M300
Rechargeable
Voltage: 3.5V
Capacity: 300 µAh
Max pulse current: 3 mA (10C)
Cycle life: >1000 cycles (50% DoD)
Cirtec Medical: an industry-leading vertically-integrated outsource partner for medical devices and components
Status: key equipment sets transferred to Cirtec, commissioning proceeding
Partnership Benefits to Ilika
Validation of Stereax product and process
Medical Manufacturing & Scale: Cirtec holds the medical accreditations and have the size and scale to meet customer ramp expectations
Business Development: The partnership gives Ilika access to a larger sales & marketing resource
Alignment: Cirtec and Ilika have the same AIMD applications focus
Cirtec has developed a neurostimulator technology platform enabling faster adoption of Stereax
Initial commercial orders from a US-centric customer base
21
Companies
24
Orders
Ilika Stereax Orders by Application
25%
20%
15%
10%
5%
0%
Revenue
Ilika revenue from Stereax product linesIncome growth from Stereax will be derived from several revenue streams which build as market penetration increases
2024
2033
Wafer Processing Income Non Recurring Engineering Battery Royalty Revenue Licence Issuance Fee
Company
Overview
Stereax
Goliath
ESG
Finances
Outlook
14
145 countries announced net zero targets *
Covering ~ 90% of global emissions1
Transport is the largest emitting sector2
- climateactiontracker.org
- gov.uk
Reasons for not purchasing an Electric Vehicle 1
EV sales momentum is strong 2
45%
15%
Global Electric Passenger Vehicle Sales Volume
/ Million Units
Limited Driving Range 55%
Recharging Time
Safety Concerns
Adapted from CVMA, 2021
Forbes, 2024
Oxide Electrolyte | Sulfide Electrolyte | Polymer Electrolyte | |||||||||||||
Si anode | |||||||||||||||
Li anode | |||||||||||||||
Anode-less |
Goliath: Solid-State Battery Technology Landscape
Different chemistries are optimal for different applications
Chemistry
Sulfide Electrolyte
Oxide Electrolyte
Polymer Electrolyte
Lithium Anode
Silicon Anode
Anode-less
+ High ionic conductivity
+ Malleable
Reacts easily with O2and moisture to make toxic H2S
Expensive to manufacture
+ Stable in air
- More difficult to manage interfacial resistance
+ High ionic conductivity
- Needs preheating to 50-60°C
+ Constant cell voltage
+ High energy density
Expensive
Dendrite formation can lead to short life
+ Longer cell life
+ Less expensive that lithium
- Can lead to volumetric expansion
+ Cheaper than lithium anode
+ Very high energy density
Cell life compromise
Volumetric expansion
Company
Overview
Stereax
Goliath
ESG
Finances
Outlook
17
Goliath's unique features will address common consumer concerns
Performance of NMC
Safety of LFP
+
FEATURE
BENEFIT
Non-flammable
No liquid
Lighter vehicle
Higher cell-to pack vehicle
Competitive
performance vs Li-ion
Can operate to higher temperatures
Longer range
Safe in manufacture,
use and recycling
NOW
2023
Customer testing commenced
12-month collaboration agreement with Agratas Faraday Institution safety project award
Design of assembly line
R2R coating in-house
Li-ion parity achieved
D4 Milestone achieved
Trials at equipment vendors
£8.2m HISTORY program award
Solid-State Battery Energy Density
Cell Energy Density (Wh/kg)
D8
MVP
A sample
D4
P1
Max theoretical energy density of LIB
Li-ion equivalence
Max theoretical energy density of SSB
500
400
300
200
100
0
2024 2025 2026
Li-ion SSB
Goliath: Production Scale-Up
Ilika Scale-up Plan and Business Model
Production Volume / MWh per year
1,000
900
800
700
600
500
400
300
200
100
0
Licensing Opportunities
Gigafactory
B
C
A
Ilika Pilot
Ilika Pre-Pilot
Scale-Up & Develop Processes
1,000
With OEM
100
1.5
0.05
2023 2024 2025 2026 2027 2028 2029 2030
A
B C
MVP (A-samples) allow the Company to enter RFQs
Collaborate to produce B, C samples on production-intent equipment
Strongest demand from European automotive OEMs
17
Companies
Ilika Targets Performance Market Attractive SSB Market Forecast 1
Goliath Market Energy
Point
TAM 50GWh/a
Cell Cost ($/kWh)
1,400
1,200
Cell Energy (Wh/I)
1,000
800
600
400
200
0
0 50 100 150 200 250
1 BloombergNEF, 2022
Overview
Stereax
Goliath
ESG
Finances
Outlook
23
SSB Technology Development, Strategy & Safety Testing
Powerdrive Line, MoSESS, Granite:
£5+partner costs
HISTORY: £2.8M+partner costs
TDAP programme: £140K
FI SafeBatt Industrial Sprint:
Testing costs £250K
Industrialisation
SOLSTICE: £235K
BUS100
(£100K)
SiSTEM:
£400K+partner costs delivering
1.5MWh capacity
STEP (£175K)
A-Sample, Pack Development and SSB
Cell Integration
APC CR&D
2018 Feb 23 Apr 25
Oct 27
Company
Overview
Stereax
Goliath
ESG
Finances
Outlook
24
Revenue
Ilika revenue from Goliath product lines2024 2033
Income growth from Goliath will be derived from several revenue streams, with grant revenue in early years being replaced with licence income before self-sustaining licence revenue as Goliath batteries are deployed on a Giga scale
Grant Income
Licence Issuance Fee
Grant NRE / Commercial Collaboration
Battery Royalty Revenue
Company
Overview
Stereax
Goliath
ESG
Finances
Outlook
25
ESG is of utmost importance to Ilika and is monitored at board level
Ilika continues to remain ahead of reporting requirements through ESG commitment
ESG
Committee
Materiality
Assessment
ESG Policy
Statement
Internal Target
Setting
ESG
Framework
Benchmarking
against standards
Monitoring
and Reporting
ISO 14001, ISO 9001, Carbon Reduced Organisation
ESG Long Range Strategic Plan, most material items
Risk and Governance
Ethical Supply Chain
Carbon Footprint monitoring
Development and Opportunities
Company
Overview
Stereax
Goliath
ESG
Finances
Outlook
26
Ilika Plc, audited financial results for the year ending 30 April 2024
Turnover of £2.1m (2023: £0.7m), with Total Income of £2.6m (2023 £0.8m)Substantial increase over FY23 due to HISTORY & SiSTEM grant awards, supporting Goliath. Both grants continue through to Q1 2025.
Other income of £0.5m (2023 £0.1) from RDEC R&D claims.
EBITDA loss*, excluding share-based payments, £4.1m (2023: £7.0m loss)Improved due to higher grant income and a reduction in operating costs.
Operating cost reduction through Cirtec Medical technology transfer process and normalisation of the UK inflationary environment.
Cash balance for year ending April 2024 of approximately £12m (2023: £16m)Post year end raise of £2.3m provides additional balance sheet strength
* EBITDA loss excluding share-based payments
Company
Overview
Stereax
Goliath
ESG
Finances
Outlook
27
Scale Stereax through joint manufacturing and marketing with Cirtec
Mature Goliath technology with partners through defined technical milestones Continue pursuing grant support and commercial revenue through partnering
Commercial opportunity continues to build for Ilika's technology across the large addressable markets providing a strong platform for future growth
Company
Overview
Stereax
Goliath
ESG
Finances
Outlook
28
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