Last checked at 13 Jun 2018 07:00
Ilika plc
("Ilika" or the "Company")
Grant-funded Projects supported by Faraday Battery Challenge
Ilika (AIM: IKA), a pioneer in solid-state battery technology and materials innovation, announces further details regarding the grant funding through the Faraday Battery Challenge announced yesterday.
The Company has now received offers of grant funding to support its participation in two projects selected by the competition worth up to £4.1m in aggregate to Ilika. Participation in both projects is subject to contract and certain other conditions being met.
Ilika is the lead partner in the PowerDrive Line project, in which it intends to collaborate with Honda, Ricardo, the Centre for Process Innovation ("CPI") and University College London. The proposed project grant funding for all partners is £4.4 million, of which Ilika will receive £2.3 million. This 30-month collaborative project will develop a lithium based solid-state Stereax® battery for plug in hybrid and electric vehicles, establish a pre-pilot line for solid-state battery cell technology and develop processes for a solid-state materials supply chain. The innovative solid-state technology will enable safer, more energy and power dense cells that will facilitate ultra-fast charging (enabling PHEV or BEV drivers to charge their cars in under 25 minutes).
Ilika will also participate in a project called, "Multi optimal Solutions for Energy Storage Systems" (MoSESS), in a consortium led by McLaren including other project partners A123 Systems and the University of Warwick. The proposed project grant funding for all partners in this 24-month project is £6.0 million, of which Ilika will receive £1.8 million. The consortium identifies that current electric technology is not sufficiently mature for the demands of high performance cars due to high weight, range limitations and battery management challenges. Through the development of new materials for cells and a modular designed battery, the consortium aims at delivering advances needed to achieve improved levels of functionality and performance, which may one day benefit volume car buyers.
The Innovate UK announcement of this grant funding can be found at this address: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/715473/Faraday_Battery_Challenge_-_Innovation_R_D_-_Round_2_-_Competition_Results.pdf
For more information contact:
Ilika plc | www.ilika.com |
Graeme Purdy, Chief Executive | Tel: 023 8011 1400 |
Steve Boydell, Finance Director |
|
|
|
Liberum Capital Limited | Tel: 020 3100 2000 |
Neil Elliot, Jill Li, William Hall |
|
|
|
Walbrook PR Ltd | Tel: 020 7933 8780 / ilika@walbrookpr.com |
Paul Cornelius | Mob: 07866 384 707 |
Lianne Cawthorne | Mob: 07584 391 303 |
Note:
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain. If you have any queries on this, then please contact Steve Boydell, Finance Director of the Company (responsible for arranging release of this announcement) on 023 8011 1400.