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Highlights:
- Ilika PLC’s solid-state battery prototype testing shows positive results, pushing development closer to larger-scale tests.
- Solid-state batteries offer improved safety, lighter weight, and better performance for electric vehicles, gaining support from major players like BYD.
- Analysts at Panmure Liberum reaffirm a ‘buy’ rating with a 70p target price, reflecting nearly 200% upside potential.
Ilika PLC (LSE:IKA) has once again earned the backing of analysts following successful tests of its Goliath solid-state battery prototype. Panmure Liberum, a prominent research firm, reiterated its 'buy' rating for the AIM-listed company on Thursday, emphasizing that the latest results suggest viable product samples could be available as early as next year.
The testing program centered on Ilika’s D5 prototype battery, which analysts say moves the company closer to larger-scale testing of 10 ampere-hour batteries. This progress further validates the company's ongoing development of solid-state battery technology, which is expected to offer several advantages over conventional lithium-ion batteries.
Panmure Liberum highlighted that solid-state batteries provide improved safety, allowing for less mechanical protection. This makes it possible to produce lighter and cheaper batteries, ultimately enhancing the range and efficiency of electric vehicles (EVs). Public support for solid-state batteries from major companies like BYD at the World New Energy Vehicle Congress in China further boosts the outlook for this technology. BYD joins industry heavyweights such as CATL, Volkswagen, Toyota, and Nio in backing the potential of solid-state batteries.
Panmure Liberum maintains a 70p target price for Ilika’s shares, representing nearly 200% upside from the current trading price of 23.5p, reflecting the analysts' confidence in the ongoing progress and market undervaluation of Ilika’s Goliath project.
