LONDON,UK: Ilika (AIM: IKA), a pioneer in solid-state battery technology, has announced that it has signed a ten-year manufacturing licence with Cirtec Medical (‘Cirtec’), a leading strategic outsourcing partner of complex medical devices, for the production of the Stereax range of mm-scale batteries at Cirtec’s facility in Lowell, Massachusetts, U.S.
The Stereax range of products are thin-film solid-state batteries that offer high energy density, long cycle life, and low self-discharge. They are designed for applications such as medical implants, smart cards, and industrial sensors.
The deal will give Cirtec exclusivity for Stereax batteries in the field of medical devices and will enable Cirtec to leverage its expertise in system level miniaturisation for the medical device industry. Ilika will retain the cathode deposition process and back-end battery formation at its FAB facility in the UK as a sub-contract service to Cirtec. Ilika will also transfer some machine sets to the U.S. for Cirtec to operate on loan, to facilitate a quicker technology transfer and qualification process.
Ilika and Cirtec will now commence the technology transfer and certification process which will continue throughout the second half of 2023. The Cirtec commercial team will engage further with the Stereax customer list developed by Ilika and within their own customer base to expand the commercial opportunities now that the contractual terms of the agreement have been agreed.
Ilika’s revenue guidance for the next few years remains unchanged for now and the Company will provide an update on commercial progress at its half year results in January 2024.
Graeme Purdy, Ilika’s Chief Executive Officer, said: “We are delighted to be working with Cirtec for the commercialisation of Stereax. Cirtec has a very strong track record in the commercialisation of miniature medical devices and we believe this partnership is well-positioned to ensure a high quality, reliable and scalable supply of Stereax batteries to our customers.”
Brian Highley, Cirtec Medical Chief Executive Officer, commented: “We are excited by the prospect of adding Stereax battery technology to our portfolio of medical device solutions. Our 20 years of experience in the design, development and manufacture of medical devices positions Cirtec strongly to work with Ilika to bring its Stereax battery technology to market. We believe this collaboration fits right into our strengths and expands upon our mission to vertically integrate our capabilities to support our offerings to the implantable and wearable device markets.”