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Electric vehicles are constantly improving, but there’s no doubt that these ever-evolving gasoline and diesel alternatives still face consumer scrutiny.
Whether it’s range, charging times or safety, electric vehicles have yet to fully convince many households to end their long relationship with internal combustion engine cars.
Although industry figures showed electric vehicle sales rose 13.2 per cent over the year to September, a separate YouGov survey found that more than half of petrol or diesel car owners wrongly believed in eight out of 10 misconceptions about electricity.
In fact, “myths” around electric vehicles appear to be preventing many from making the switch, the Energy & Climate Intelligence Unit think tank said, including the belief that electric vehicles were more likely to catch fire than regular cars. gasoline.
That said, if battery safety and fire risk are what’s holding people back, Ilika plc would be well positioned to provide much-needed comfort to skeptics.
Doubt: Electric vehicles are constantly improving, but there’s no doubt that these ever-evolving gasoline and diesel alternatives still face consumer scrutiny.
Address security issues
AIM-listed Ilika recently reported a series of tests showing its Goliath solid-state cell battery prototype is superior in terms of safety compared to units already in use.
In a nail penetration test last month, simulating a catastrophic incident, its solid-state battery did not explode or catch fire.
Other commonly used lithium-ion batteries can often reach temperatures above 600 degrees Celsius in these nail tests.
Ilika’s didn’t even break the 80 degree mark.
“It’s not that current electric vehicles are unsafe,” CEO Graeme Purdy told Proactive, “in fact, it’s quite the opposite.”
Given the risk of a lithium-ion battery catching fire at higher temperatures, Purdy explained that “significant engineering” was done to the protective reinforcements inside the packs.
However, this comes at the expense of extra weight and higher costs, he noted.
“By moving to a safer cell design with greater tolerance for higher temperatures, such as Goliath, the mechanical protection required for the package and cooling system capacity is reduced,” Purdy said.
Goliath Solid State Cell Battery
Goliath is Ilika’s answer to safety issues and, in turn, weight and cost issues.
While lithium-ion batteries use a liquid electrolyte solution between their cathodes and anodes, alternatives like Ilika’s use solid electrolytes.
This means that solid-state batteries are more energy dense than their lithium-ion counterparts, so they can generate more power despite being lighter, and Ilika’s ceramic-based technology has the added advantage of being easier to recycle.
For the UK-based company, last month’s test, carried out by University College London, was based on evidence that the Goliath design was superior in terms of safety compared to its lithium-ion counterparts.
Since lithium-ion cells power the majority of electric vehicles on the road today, the test also provided a glimpse into the technology that will be used to power such cars in the future.
Longer range and faster charging
It’s not just safety that emerging batteries like Ilika’s surpass lithium-ion products: higher density and reduced weight also enable longer ranges for electric vehicles.
Coupled with the fact that solid-state batteries have charge times comparable to the best lithium-ion products, analysts at Panmure Liberum said the market was still “undervalued” the scope for batteries like Goliath.
“With several share price catalysts across its core divisions (Ilika) over the next 18 months…investors can expect some of this value to be reflected in the share price in the near term,” the analysts said. .
Increase in production
Possible licensing opportunities for Goliath with automakers and OEMs emerged as Ilika turned its attention to increasing production.
Ilika highlighted a portfolio of evaluation deals with about 17 companies for Goliath in results released in July, along with a year-long collaboration with Tata Group’s Agratas battery business.
This included an agreement outlining “a possible long-term collaboration until the implementation of a gigafactory,” Ilika said at the time.
Ilika’s in-house broker Panmure reiterated a “buy” for Ilika following the Goliath test as a result, while a share price target of 70p was set, representing a 280 per cent upside from its closure in the update.
Goliath, complemented by Ilika’s power units for wireless home products but also its range of Stereax miniature medical batteries, should benefit from a predicted boom in the value of the electric vehicle battery market to £9bn by 2030 .
In fact, although electric vehicle sales have slowed from their previous growth rate, they are still rising in the UK, with improved safety and performance features only driving demand.
As Purdy said: ‘The unique safety appeal that Goliath batteries have demonstrated should not be underestimated.
“Lighter electric vehicles have greater range and cost less to manufacture.”
Ilika shares were valued at 23.98 pence on Monday 7 October.
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