Renewal of Contract
Ilika plc (AIM: IKA), the advanced cleantech materials discovery company, confirms that further to the trading update on 22 October it has renewed and extended the scope of a significant contract with a major existing customer for the development of lithium-ion battery technology. This is the seventh phase of this contract which extends the relationship into its fifth successive year. The order value of ca. £330,000 corresponds to ca. 20% of the expected annual revenue for Ilika's current financial year. Additional discussions with the same customer regarding a broadening of the scope of technical engagement within the battery field are currently in an advanced state and are expected to yield a further similarly sized order within this financial year.
Commenting on the renewal, Graeme Purdy, CEO of Ilika, said: "We are delighted that this world-leading automotive customer continues to appreciate the value of Ilika's expertise for the rapid development of next generation battery materials for hybrid vehicles. Their multi-million spend to date with Ilika is a clear endorsement of the value delivered by Ilika's unique approach to accelerated materials development."