Ilika extends scope of existing contract with 'major' customer

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.

Try 6 free issues of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Sign up

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