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.
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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.
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