Ilika has successfully completed a £15 million ($18.5 million) equity placing to support its growth strategy, the UK-based solid-state company announced on 27 March.
The firm will use the cash to implement a partnering model with one or more third party fabrication facilities to increase production of its centimetre and millimetre-scale Stereax cells at its pilot line in Southampton.
The equity funding has been provided by a combination of existing and new UK-based institutional shareholders.
This equity placing will be used to purchase manufacturing equipment, which Ilika will install in its selected fabrication facilities for it to be operated on demand.
Ilika’s CEO Graeme Purdy, said: “This is an important milestone in Ilika’s development which provides the company with an opportunity to address exciting global markets.”
BEST reported on Ilika in the previous edition of the magazine when we looked at the emergence of solid-state batteries. You can read the article HERE