Last checked at 9 Jun 2010 09:25
Ilika plc
("Ilika" or the "Company")
China agreement
Ilika partners with Diverso to develop business in the People's Republic of China
Ilika plc, the advanced cleantech materials discovery company, has appointed Diverso, a China-based clean technology investment company ("Diverso"), to develop new business opportunities on its behalf in the People's Republic of China.
Diverso will be the Company's business development representative in the People's Republic of China focusing on the energy sector, including batteries, photovoltaics, hydrogen storage materials and fuel cells.
The agreement is in accordance with the outlined terms between the two parties, as summarised in the Company's admission document, published on 6 May 2010. Diverso's appointment will initially last for three years and no upfront or retainer fee is payable by the Company to Diverso.
Graeme Purdy, Ilika's Chief Executive, said: "Diverso's proven expertise in introducing innovative technology to Chinese manufacturing partners is a great attraction to us. Given its large and growing energy needs, China offers fantastic opportunities for the Company's energy sector capabilities."
"We are delighted to have signed this agreement with Diverso which we hope will unlock a major market for us. As an indirect shareholder in Ilika, Diverso's interests are directly aligned with our own as we seek to develop new opportunities in this important market."
Diverso's mandate is to arrange and secure collaborative research projects or licensing agreements between the Company and third party commercialisation partners in the People's Republic of China. Ilika will reimburse Diverso based on the revenues it receives from such third party commercialisation partners.
Stephen Edkins, Partner at Diverso, said: "We believe Ilika's ability to rapidly develop novel materials suitable for the cleantech sector is of tremendous value to companies based in China. Ilika's proprietary R&D technology makes it extremely attractive as a source of expertise to highly efficient,fast-growingChinese manufacturers. Growth in China's R&D spending has averaged over 20% annually, and with strong government backing we expect this trend to continue. "
Through its subsidiary company, Mackin Holdings Inc, Diverso became a substantial shareholder (as defined in the AIM rules) in the Company's recent successful IPO on AIM.
- Ends -
For more information contact:
| Ilika plc Graeme Purdy, Chief Executive Steve Boydell, Finance Director
| +44 (0) 23 8011 1400
|
| Nomura Code Securities Limited Phil Walker / Christopher Golden
| +44 (0) 20 7776 1200
|
| Pelham Bell Pottinger Olly Scott / Francesca Tuckett
| +44 (0) 20 7861 3232
|
About Ilika
Ilika (AIM: IKA) is an advanced materials company which accelerates the discovery of new and patentable materials using its unique high throughput technologies (''HTT'') process for identified end uses in the energy, electronics and biomedical sectors. This process enables hundreds of scalable materials to be made in a single, automated operation and subsequently tested for key properties.
Traditionally, materials development has been a slow and arduous task, with manual, sequential methods used to make samples of material that are then tested for suitability. On average, it takes between 7 and 10 years to move from an initial discovery through to the first commercial prototype. Experiments carried out by the Company can be executed 10 to 100 times faster than using traditional techniques.
The Company focuses on three principal sectors and has a number of active development programmes addressing markets within each sector:
Energy - developing innovative new materials for Lithium-ion batteries for vehicles for Toyota; developing high capacity hydrogen storage materials with Shell Hydrogen and Johnson Matthey through joint development programmes; developing cheaper alternatives to Platinum electrodes for use in fuel cells through a grant-funded project with the Carbon Trust; developing new materials for use in fuel cells for the transport sector for a major vehicle manufacturer; and carrying out in-house research on film photovoltaic solar cells.
Electronics - developing lead-free piezoelectric materials through a joint development programme with CeramTec; and developing phase change memory materials for high capacity memory.
Biomedical - developing polymers to enable the filtering of somatic stem cells from blood with a major global supplier of filters; it has been selling its Cryoskin and Myskin products for the treatment of burns and wounds in the UK through a specialist distributor and intends to commence clinical trials of its corneal bandage candidate.
The Group's commercialisation strategy is to enter into joint development or licensing agreements with large multinational companies which are seeking to commercialise products developed using the intellectual property created through jointly-funded programmes. Current commercialisation partners include large multinational companies such as Toyota, Shell, Johnson Matthey and CeramTec. The Company generates revenues from three sources: licensing and milestone payments from joint development programmes; fee for service from contract research projects; and from sales of Cryoskin and Myskin.
www.ilika.com
About Diverso
Diverso is a leading investor in global clean technology based in Shanghai, which was founded six years ago to identify and promote young companies with scalable solutions to China's long-term energy needs. In the process it has built a portfolio of investments in the solar, cogeneration, biofuel and battery sectors. Diverso has established a reputation for helping its investee companies gain access to innovation, attract key staff and obtain follow-on financing.
Diverso's long-standing presence in China and commitment to specialized research in clean technology makes it a natural partner for corporates and government alike. Combined with access to global innovation, this is the key to continued success in generatingstrong returns for investors.
www.diversomgmt.com