Grant funding from Faraday Battery Challenge

Ilika plc

("Ilika" or the "Company")

Grant funding from Faraday Battery Challenge

Ilika (AIM: IKA), a pioneer in solid-state battery technology and materials innovation, has received an offer of significant grant funding, through the Faraday Battery Challenge Programme, as announced today by the Business Secretary, Greg Clark*.

The Company is the lead partner in the PowerDrive Line project, which is one of 12 innovation projects that have been allocated a total of £22m of grant funding from the government's Faraday Battery Challenge programme. The Faraday Battery Challenge is part of the government's Industrial Strategy Challenge Fund, which brings together world-leading research with businesses to take on the major societal and economic challenges of our time.

The PowerDrive Line project underpins the recently announced extension of the Company's Stereax® solid-state battery roadmap to develop large format cells for the next generation of safer, high-power electric car batteries. In particular, the project will develop a process for manufacturing the batteries at scale and technology for ultra-fast charging. Ilika will establish a pre-pilot line for high power solid-state cells as well as developing the materials supply chain.

Further details of the funding, programme timescale and consortium partners will be provided once the contracts have been completed. 

*https://www.gov.uk/government/news/green-light-for-ultra-fast-electric-car-charging-innovation

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.