Ilika receives £400,000 grant to help fund its "crusade toward net zero"
October 10, 2023 at 04:21 am EDT
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Ilika PLC (AIM:IKA, OTCQX:ILIKF) CEO Graeme Purdy speaks to Thomas Warner from Proactive after the innovative battery developer announced it will receive £400,000 of a £2.7 million grant from the Automotive Transformation Fund (ATF).
The funding is part of a 16-month, £2.7 million collaboration programme that kicked off on 1 October. Ilika is collaborating with Mpac Group (LSE:MPAC) PLC and the UK Battery Industrialisation Centre (UKBIC) for this initiative.
Purdy explains that the funding will be used to enhance the production of their large "Goliath" battery. In collaboration with Mpac, Ilika plans to establish an assembly line, increasing their manufacturing capacity from 0.5 to 1.5 Watt hours annually. This move aligns with their strategy to implement a fully automated pilot line.
Additionally, the grant will support their partnership with the UK Battery Industrialisation Centre in Coventry, focusing on electrode production for pouch cells using giga factory scale equipment.
Purdy emphasised that this grant underscores Ilika's commitment to the automotive sector and their alignment with the UK's industrial strategy towards achieving Net Zero. The company reported a robust cash balance of £14.6 million at the end of their last fiscal year.
Contact Details
Proactive UK Ltd
+44 20 7989 0813
uk@proactiveinvestors.com
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Ilika plc is a United Kingdom-based company. The Company is engaged in developing and commercializing its cutting-edge solid-state batteries. The Company develops and commercializes its thin-film Stereax miniature solid-state batteries for powering implantable medical devices and industrial wireless sensors (IIoT) in specialist environments, as well as progressing the development of its large-format Goliath cells for electric vehicles (EV) and cordless appliances. It has a secured lease of approximately 1,600 square meters property for Stereax manufacturing scale-up and installed over 340 square meters clean room facility. The Company is enabling solutions for applications, such as industrial Internet of things (IoT), MedTech, electric vehicles (EV) and consumer electronics. The Company has its operations in the United States of America, China and Israel.