Ilika secures $8m in funding
Ilika have announced that it has secured an equity investment of US$8 million to further progress the commercialization and development of its Stereax™ solid state battery technology. Parkwalk Opportunities EIS Fund participated in the round.
Launched this year, Ilika’s Stereax M250 solid state battery, is a new, miniaturized battery for IoT devices, designed to address the key challenge of always-on, self-charging energy storage. The battery enables smaller, energy-dense batteries to accelerate IoT products to market.
Solid state batteries are key to powering wireless sensors as they can be used in conjunction with all current energy harvesting technologies, and can also match the energy needs of low power transmitter electronics. Many use cases require devices which draw power in short bursts to collect and transmit data, whilst being able to support a wide range of environment temperatures. Relative to standard lithium ion batteries, solid state batteries have 10 times lower leakage currents and up to four times longer life spans of up to 10 years. They can also be integrated with other electronic components, keeping the size of the device to a minimum.
Applications where Stereax battery technology is particularly useful are those requiring a millimeter-scale footprint, those needing elevated temperature operation, or others combined with energy harvesting technology delivering low currents. Examples include bioelectronics devices, systems on a chip for industrial applications and transport deployments using energy harvesting rather than long cable runs.
Ilika continues to build on the technology platform established with the Stereax M250. The roadmap comprises three performance paths, covering miniaturization, increased energy capacity/footprint and operation at elevated temperatures.
Commenting on this investment, Graeme Purdy, Ilika CEO, said: “This ca. US$8 million has been raised from a mixture of new and existing investors who have been encouraged by the commercialization progress made since the Stereax M250 product launch at the end of April. This investment will strengthen Ilika’s balance sheet during the current negotiations and support the development of further Stereax products scheduled for launch over the next 18 months”.
Ilika are an AIM listed company which specialises in materials innovation. The company has developed unique solid state battery technology which may have applications across the Internet of Things (IoT). Ilika spun out of the University of Southampton’s School of Chemistry in 2004 and quickly established a reputation for the rapid development of novel materials, working with a variety of international companies. Ilika has a wealth of experience in materials and in working with industrial partners. The company’s novel solid-state battery technology is now close to commercialisation in a market which is large and growing rapidly.
Source: Ilika Press Release