Business
Ilika partners to develop bus
Ilika partners to develop bus.
About this update from Ilika Plc
[{"type":"text","content":"\n RNS Number : 3030N Ilika plc 09 June 2010 \n \n\nIlika plc\n \n(\"Ilika\" or the \"Company\")\n \n \nChina agreement\n \n \nIlika partners with Diverso to develop business in the People's Republic of China\n \n \nIlika plc, the advanced cleantech materials discovery company, has appointed Diverso, a China-based clean technology investment company (\"Diverso\"), to develop new business opportunities on its behalf in the People's Republic of China. \n \nDiverso will be the Company's business development representative in the People's Republic of China focusing on the energy sector, including batteries, photovoltaics, hydrogen storage materials and fuel cells.\n \nThe agreement is in accordance with the outlined terms between the two parties, as summarised in the Company's admission document, published on 6 May 2010. Diverso's appointment will initially last for three years and no upfront or retainer fee is payable by the Company to Diverso. \n \nGraeme Purdy, Ilika's Chief Executive, said: \"Diverso's proven expertise in introducing innovative technology to Chinese manufacturing partners is a great attraction to us. Given its large and growing energy needs, China offers fantastic opportunities for the Company's energy sector capabilities.\" \n \n\"We are delighted to have signed this agreement with Diverso which we hope will unlock a major market for us. As an indirect shareholder in Ilika, Diverso's interests are directly aligned with our own as we seek to develop new opportunities in this important market.\"\n \nDiverso's mandate is to arrange and secure collaborative research projects or licensing agreements between the Company and third party commercialisation partners in the People's Republic of China. Ilika will reimburse Diverso based on the revenues it receives from such third party commercialisation partners.\n \nStephen Edkins, Partner at Diverso, said: \"We believe Ilika's ability to rapidly develop novel materials suitable for the cleantech sector is of tremendous value to companies based in China. Ilika's proprietary R&D technology makes it extremely attractive as a source of expertise to highly efficient,fast-growingChinese manufacturers. Growth in China's R&D spending has averaged over 20% annually, and with strong government back...