Proof of Concept Contract Win

RNS Number : 0234M

Ilika plc

11 July 2014

 

 

Ilika plc

("Ilika" or the "Company")

Proof of Concept Contract Win

Ilika (AIM: IKA), the accelerated materials innovation company, announces that the company has entered into a proof of concept contract with a global OEM for solid state batteries in Wireless Sensor Network ("WSN") applications.

This six month project, with an existing European headquartered customer, takes the level of committed revenue for the current financial year to in excess of £600k, which is significantly ahead of £215k committed revenue at the same point last year. Further proof of concept and system integration contract discussions are already underway with this OEM, as well as others from around the world.

Commenting on the contract, Graeme Purdy, CEO of Ilika, said: "Earlier this year, Ilika announced a world-first in stacked solid-state battery processing and the successful testing of the battery architectures produced. More recently, Ilika announced the subsequent 25 times scale-up of these architectures to a size suitable for commercial applications. This announcement, clearly signals that we are successfully building the important commercial relationships that we require to ensure that our material and process innovations gain rapid market entry and capture significant market share across these multimillion dollar opportunities.

"Whilst we are confident this particular OEM is capable of delivering commercial revenues for Ilika, we remain in discussions with several other parties to ensure the success of our innovations and look forward to updating the market on our progress in due course."

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