Commercial progress for Stereax with Cirtec partnership
Qualified manufacturing process at Cirtec Medical, commenced production for product testing, delivered M300 batteries to customers before year-end (including Lura Health), and received first purchase order for cathode/electrode deliveries — early indicator of commercial volume ramp.
Goliath prototyping and pilot-line scale-up
Validated 2 Ah prototypes earlier and shipped 10 Ah Goliath prototypes to customers; commissioned an automated pilot line capable of 10 Ah cells and initiated prototype deliveries to OEMs/Tier 1s for evaluation.
Demonstrated compatibility with gigafactory equipment (UKBIC)
Scale-up work at UKBIC showed higher manufacturing yield than pilot line, improved cell capacity and faster charging protocols; confirms process is deployable on standardized gigafactory equipment, reducing deployment risk.
Material modeled pack-level benefits
Independent modeling with Balance Batteries indicated potential battery pack cost reduction of GBP 2,500 (~USD 3,000), up to 20% weight saving, up to ~33% faster 10%-80% charge time (18 to 12 minutes), and associated range uplift for equivalent energy.
Diversified go-to-market model and IP strength
Asset-light licensing model with revenue streams from cathode deposition, NRE, profit-share/royalties and licensing fees; portfolio of 78 granted patents supports licensing strategy and commercialization.
Revenue and grant funding runway
Turnover of GBP 0.6m during the half driven by grant-funded activity and cathode deposit work; ongoing grant funding (including PRIMED) and an R&D tax credit received after H1 bolster cash runway and de-risk R&D spend.
Customer engagement and pipeline
27 NDAs/evaluation agreements in place across Goliath and Stereax, demonstrating broad interest from OEMs, Tier 1s and other sectors (automotive, defense, consumer electronics).