Ilika plc (AIM: IKA), the advanced cleantech materials discovery company, announces that it has signed a contract with a world-leading European manufacturer of speciality materials, for the optimisation of its proprietary lithium ion battery materials.
This contract is one of the three contracts referenced in Ilika’s trading update released on the 16 April as being unexpectedly delayed. However, due to the timing of the award of this contract, the majority of the revenue associated with the work will be recognised during the Company’s next financial year, commencing 1 May 2013.
Commenting on the contract, Graeme Purdy, CEO of Ilika, said: "We are delighted to have entered into this new commercial relationship, which strengthens our portfolio of customers in the rapidly-moving area of battery innovation. The contract will provide a springboard for growth in the coming financial year and provides increasing revenue visibility for the business. This represents the front end of a pipeline of opportunities being matured by our most recently appointed business development director, based in Frankfurt, Germany.”