News blog
Ilika
- BY: Andrew Hore |
- POSTED: 10/01/2012 |
- COMMENTS: Add yours
Materials technology developer Ilika continues to progress in its main areas but solid state battery technology could become a major focus for the business.
Ilika has been able to make solid state batteries in sheet form as part of its partnership with Toyota. The Japanese firm has the rights to use the phosphates-based materials technology in the vehicle sectors that it covers, including fork lift trucks. Ilika can use the technology in other sectors, including defence.
Soldiers can carry around 20lbs of batteries to power their equipment - radios, infra red sights, etc. Ilika believes that it can replace all those batteries with one single source of power. The Distributed Universal Batteries System (DUBS) will use one power management chip and could potentially provide more power than the existing batteries and for a longer period of time.
Ilika will require a partner to help fund the development, though. A company with experience in the defence sector would be best.
The investment in marketing to Japanese corporations is showing through in the latest figures and the recent signing up of Toshiba as a customer. Revenues, including grant income, grew 37% to £1.04m in the six months to October 2011 while the reported loss fell from £1.88m to £1.56m.
Ilika intends to increase its focus on Germany, which is the European market that it believes has the most potential for its technology.
There should be news of international product trials for Cryoskin in the second half. Later in the year, there will be information on the progress of the commercialisation of hydrogen storage materials with Sigma Aldrich. There should be further news about other products throughout the year.
The interim cash outflow from operations rose from £1.02m to £1.47m. There was a £400,000 inflow just after the period end but the cash pile is declining and could be used up in the next 12 months.
At the end of October, Ilika had net cash of £1.21m. Further outflows will have offset the recent inflow of cash. Edison forecasts net cash of £676,000 at the end of April 2012 and net debt of £2.1m one year later - based on an outflow of £2.78m next year. There are warrants exercisable at 51p a share that could raise just over £5m. The hope is that the share price will recover and encourage investors to exercise warrants, which last until 2014. There is no guarantee that this will happen.
Committed revenues of £700,000 for the second half mean that Ilika is on its way to full year revenues of £2.9m, including grants, plus a small reduction on last year’s loss of £3.1m.
At 49.5p a share, Ilika is valued at £18.1m.
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