Ilika plc
("Ilika" or the "Company")
Ilika expands into Aerospace SectorIlika plc (AIM: IKA), the advanced cleantech materials discovery company, has entered into contracts with two of the world's largest aerospace companies for the innovation of structural materials and coatings.
The aerospace sector represents a new market for Ilika's technology platform, which has recently been demonstrated to offer valuable insights into pathways for the development of materials highly relevant for the sector. In addition, the sector is a particularly strong fit because of the high level of demand for materials innovation required to drive forward improvements in aeroplane fuel economy. Fuel economy can be achieved through the use of lighter, stronger airframe materials as well as applying coatings to reduce drag.
In the UK, the aerospace sector has been recognised as a key part of the country's manufacturing base and has been identified for government support through the Aerospace Technology Institute (ATI), which will deploy £2 billion over the next seven years. Ilika is actively partnering up with aerospace companies to access this ATI budget.
Commenting, Graeme Purdy, Ilika's CEO, stated, "Ilika's proprietary materials platform has shown itself to be very relevant to the aerospace sector. The contracts we have secured will make a contribution to this year's revenue and we are looking to build on these initial commercial engagements to make a significant impact in the aerospace supply chain, supported by the ATI, going forward."
| Ilika plc | www.ilika.com |
| Graeme Purdy, Chief Executive | Tel: 023 8011 1400 |
| Steve Boydell, Finance Director | |
| Numis Securities Limited | Tel: 020 7260 1000 |
| Oliver Cardigan, Nominated Adviser | |
| James Black, Corporate Broking | |
| Walbrook PR Ltd | Tel: 020 7933 8780 or ilika@walbrookpr.com |
| Paul McManus | Mob: 07980 541 893 |
| Paul Cornelius | Mob: 07827 879 460 |
This information is provided by RNS