Ilika receives 400,000 grant to help fund its “crusade toward net zero”

Cloud PR Wire

–News Direct–

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

View source version on newsdirect.com: https://newsdirect.com/news/ilika-receives-ps400-000-grant-to-help-fund-its-crusade-toward-net-zero-179174684

Ilika PLC

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Micah Reed

Micah Reed is an entrepreneur, editor and businessman. he is born in 1977.