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Ilika plc (IKA)

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Tuesday 10 September, 2019

Ilika plc

Grant Support from Faraday Battery Challenge

RNS Number : 7261L
Ilika plc
10 September 2019
 

Ilika plc

("Ilika" or the "Company")

 

Further Grant Support from Faraday Battery Challenge

 

Project will build on Ilika's large format solid-state technology in the automotive space

 

Ilika (AIM: IKA), a pioneer in solid-state battery technology and materials innovation, announces the offer of a further £0.9m funding directly to Ilika under the UK Government's Faraday Battery Challenge: Innovation R&D, round three, for the 'Granite project', via the UK's innovation agency, Innovate UK.

 

The Granite project, with partners including Jaguar Land Rover, WMG and AGM Batteries, is an 18-month collaborative project which will build on Ilika's large format solid-state technology 'Goliath' and will explore cost-effective routes for scaling-up the Company's solid-state technology, with the support of AGM Batteries, which has industrial experience in manufacturing Lithium-ion cells. The Granite project has been offered grant funding of £1.8 million in aggregate for all partners, of which Ilika will receive £0.9m directly.

 

Lead partner Jaguar Land Rover will develop the new battery pack designs to fit within their future electric vehicles. Warwick Manufacturing Group will supply academic excellence in abuse modelling and cell performance evaluation. The consortium's expertise, backed by Government financial support, will allow Britain's best talent to be brought to bear, so that the UK can take the lead in this transformative technology.

 

Solid-state lithium battery technology is widely seen as having the potential to transform the performance and safety of electric and plug-in hybrid electric vehicles (EVs and PHEVs). The major benefits of solid-state batteries derive from their use of non-flammable solid electrolyte as opposed to the organic solvent used in current lithium-ion batteries, which is both flammable and has a relatively short useful life. In terms of performance, solid-state lithium batteries offer the prospect of much faster charging times, increased energy density, increased life cycle of up to 10 years, and extremely low discharge leakage.

 

Graeme Purdy, CEO of Ilika, said: "Solid-state battery technology for automotive application is developing rapidly and key parts of its successful commercialisation will be optimised processes on an industrial scale and competitive pricing. This project will take the important steps of developing a cost-effective model to transfer the technology from Ilika's pre-pilot line to a pilot line facility, capable of producing these batteries at commercial volumes at an acceptable price point. We have a strong consortium to deliver this project and are looking forward to the delivery of a globally significant technology solution."

 

For more information contact:

Ilika plc

 

Graeme Purdy, Chief Executive

Tel: 023 8011 1400

Steve Boydell, Finance Director

 

 

 

Liberum Capital Limited

Tel: 020 3100 2000

Andrew Godber, Cameron Duncan, William Hall

 

 

 

Walbrook PR Ltd

Tel: 020 7933 8780 / [email protected]

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.

 


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