Ilika Plc Regulatory News (IKA)

Ilika Plc

("Ilika" or the "Company")

Goliath Deployment Project for High Performance Automotive Applications

Ilika plc (AIM: IKA), the advanced solid-state battery technology company, announces it has commenced the MoSESS project led by McLaren Automotive to develop its Stereaxâ Goliath batteries to power high-performance vehicles.

The project objective is to develop and integrate into a vehicle a fast-charging and high-power battery system based on advanced cell technology from Ilika and A123 Systems. It will deliver a simpler cooling system and an optimised crash structure for the battery as well as reduced charging time and weight. The project will deliver a significant increase in technology and manufacturing readiness levels, together with an innovative modular battery to allow the final integration into a demonstrator. This project will unlock the possibility of delivering a mobility solution that matches the usability provided by conventional vehicles today, meets consumer expectations and accelerates the uptake of hybrid and electric vehicles. 

This project will be led by McLaren Automotive involving Ilika, A123 Systems and the Warwick Manufacturing Group.

Further to the RNS issued on 13th June 2018, Ilika confirms it will receive a £1.8m contribution towards its costs, which represents a reimbursement rate of 70% from Innovate UK. This funding is in addition to the £2.3m of Innovate UK funding Ilika will receive to support its role in the Powerdrive Line collaboration, which commenced in October 2018. The total of £4.1m of funding has been allocated from the £22m committed to Round 2 of the Faraday Battery Challenge Competition.

Graeme Purdy, Ilika CEO, stated: "This project is an exciting opportunity to work with one of the UK's leading performance car producers to deploy Ilika's Stereaxâ Goliath cells. As part of the Faraday Battery Challenge, Innovate UK is deploying significant resources to assist the exploitation of some of the most exciting technologies that the UK has to offer the global market place."