(Alliance News) - Ilika PLC on Tuesday reported a significantly higher turnover via UK grants resulting in a narrowed interim loss as it looked into the future with optimism.
The Romsey, England-based solid-state battery technology company said pretax loss narrowed to GBP2.9 million in the six months to October 31, from GBP5.0 million a year prior.
Turnover, almost exclusively consisting of UK grants, multiplied to GBP1.3 million from GBP203,700. Ilika said it expects government grant support to intensify.
Looking ahead, the company said its signed contract with Cirtec Medical represented the "most immediate commercialisation opportunity."
In August, Ilika announced it had signed a ten-year manufacturing licence with Cirtec Medical for the manufacturing and commercialisation of miniature Stereax solid-state batteries. 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.
Chief Executive Officer Graeme Purdy on Tuesday said: "Having reached lithium-ion energy density parity, and continuing to work towards further energy and power density milestones, we have proved that our batteries stand to deliver the clear benefits of solid-state architecture, and from here we will continue to pursue further energy and power density milestones.
"Against a backdrop of continually growing recognition of the importance of the electric vehicle sector, from both business and government, we look forward to building on this momentum and developing closer commercial relationships in 2024."
Ilika shares fell 2.7% to 36.00 pence each on Tuesday afternoon in London.
By Tom Budszus, Alliance News slot editor
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Ilika Plc (IKA)