Cleantech company Ilika has renewed and extended the scope of an existing contract with a 'major' existing customer for the development of its battery technology.
The new agreement broadens the scope of technical engagement within the battery field.
The renewal marks the third phase of this contract with an order value of around £160,000 for a two month programme of work with a follow-on phase expected, on the condition that satisfactory initial results are achieved.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Graeme Purdy, the Chief Executive Officer of Ilika, said: "We are delighted that this world-leading automotive customer continues to invest in broadening and deepening its relationship with Ilika and we look forward to accelerating their materials development in next generation batteries for hybrid vehicles."
Despite the postive news, the share price fell 6.33% to 37p.
NR
-
Should you sell in May this year?The market adage looks unlikely to apply in 2024, and global equities are proving resilient
-
Should you invest in UK equities?The FTSE 100 hit a record high this week, but UK equities remain unloved and undervalued compared to their global and US peers. Should you snap them up at a discount?
