(Alliance News) - Ilika PLC on Friday said that it has signed a ten-year manufacturing licence with Cirtec Medical for the manufacturing and commercialisation of miniature Stereax solid-state batteries.
Ilika is a Romsey, England-based solid-state battery technology company. Its shares were up 7.1% at 48.20 pence each in London on Friday morning.
Cirtec is a Brooklyn Park, Minnesota-based full-service outsource partner, which provides end-to-end product design, development and manufacturing of Class III and II medical devices and components.
Following contractual negotiations, both parties have agreed that Cirtec will produce Ilika's Stereax range of millimetre-scale batteries at its facility in Lowell, Massachusetts, US.
According to the terms of the agreement, both will share profit over an initial period, followed by royalty-bearing manufacturing aligned with industry norms.
Ilika will retain the cathode deposition process and back-end battery formation at its facility in the UK as a sub-contract service to Cirtec, but will transfer some machine sets to the US for Cirtec to operate on loan.
This process will continue throughout the second half of 2023.
Moving forwards, Ilika said that it intends to focus on advanced technology development and IP licensing in support of Cirtec's manufacturing and commercialisation activities.
Revenue guidance for the next few years remains "unchanged for now", Ilika 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," said Chief Executive Officer Graeme Purdy.
By Holly Beveridge, Alliance News reporter
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Ilika Plc (IKA)