13th Jun 2018 11:10
LONDON (Alliance News) - Ilika PLC said Wednesday it has received GBP4.1 million in grant offers from the UK government for the development of two projects.
On Tuesday, Ilika said it received a "significant" grant funding, under the Faraday Battery Challenge Programme, for the PowerDrive Line project of which it is the lead partner.
Ilika now said it will receive GBP2.3 million out of the GBP4.4 million allocated to the project, designed to develop a process for manufacturing ultra-fast charging batteries.
The company also said it intends to develop the PowerDrive Line Project with Honda Motor Company Ltd, Ricardo PLC, the Centre for Process Innovation and University College London.
"The innovative solid-state technology will enable safer, more energy and power dense cells that will facilitate ultra-fast charging enabling PHEV [plug-in hybrid electric vehicle] or BEV [ battery electric vehicle] drivers to charge their cars in under 25 minutes," the battery technology company said.
The PowerDrive Line project is one of 12 innovation projects that have been allocated a total of GBP22 million of grant funding from the UK government, the company said Tuesday.
On Wednesday, Ilika added that it will also participate, alongside A123 Systems LLC and the University of Warwick, in a project called, Multi optimal Solutions for Energy Storage Systems, led by the McLaren Group.
Ilika will receive GBP1.8 million, out of the total GBP6.0 million allocated to the project, which aims to develop new materials for cells and a modular designed battery.
Ilika shares were trading at down 6.8% at 26.20 pence each.
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