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Ilika plc (AIM: IKA), the advanced cleantech materials discovery company, announces the renewal of two commercial contracts with existing Japanese corporate customers and a grant award from the UK’s Technology Strategy Board (“TSB”).

Contract Renewals

The first contract renewal is with a leading automotive OEM for the further development of battery materials for electric and hybrid vehicle applications. The second is with a diversified electronics and industrial OEM looking to exploit Ilika’s Intellectual Property within the healthcare sector. These two contract renewals represent revenue of approximately £320,000 to be recognised in the current financial year.

TSB Award

Ilika has also received a grant award from the UK’s TSB worth £64,000 to support the commercialisation of a polymer material developed by the Company, following successful evaluation by key opinion leaders and potential licensing partners, within the healthcare sector.

These contract renewals and grant award, in aggregate with existing contracts, increase the company’s level of committed revenues for the current financial year to approximately £535,000, which is more than double the level of committed revenue achieved at this point last financial year.

Commenting on the contract renewals, Graeme Purdy, CEO of Ilika, said, “These contracts represent a solid start to this financial year and demonstrate the Company’s ability to retain its core customers. Whilst Asia continues to be our key geographical market on which our growth is founded, we are also making progress is attracting new customers in Europe and North America.”