11th Feb 2014 10:30
LONDON (Alliance News) - Ilika PLC Tuesday said it is the lead partner in a project that has received grant funding over three years.
The advanced electronics company said it received an offer of grant funding through the Technology Strategy Capability competition and will be paid GBP875,000 of the GBP1.3 million fund. The competition is run by the Technology Strategy Board, a UK public body reporting the UK's Department of Business, Innovation and Skills.
The company said it will work together with the University of Cambridge, Diamond Light Source and Rolls Royce Holdings PLC to develop new alloy compositions for gas turbine engines with better thermo efficiency than current alloys.
The programme should lead to better efficiency, reduced CO2 levels and a reduction in noise levels at take-off.
Ilika said the award builds upon its work within the aerospace industry, having announced in October 2013 the award of commercial contracts with two major aerospace companies.
Ilika shares were down 4.6% to 63.00 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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