29th Jan 2019 13:45
LONDON (Alliance News) - Ilika PLC on Tuesday said it has commenced the MoSESS project to develop its Stereaxa Goliath batteries that will power high-performance vehicles.
This project will be led by McLaren Automotive and involve Ilika, A123 Systems LLC and Warwick Manufacturing Group.
A123 is a manufacturer of lithium iron phosphate batteries and energy storage systems.
Ilika, an AIM-listed battery technology company, said the project's aim is to develop and integrate into a vehicle a fast-charging and high-power battery system based on advanced cell technology from Ilika and A123 Systems.
The project will deliver a significant increase in technology and manufacturing readiness levels, it said, together with an innovative modular battery to allow the final integration into a demonstrator.
Ilika confirmed that it will receive a GBP1.8 million contribution towards its costs. This funding is in addition to the GBP2.3 million of Innovate UK funding that Ilika will receive to support its role in the collaboration.
"This project is an exciting opportunity to work with one of the UK's leading performance car producers to deploy Ilika's Stereaxa Goliath cells," said Ilika Chief Executive Graeme Purdy.
Ilika shares were trading 1.1% lower on Tuesday at 28.20 pence each.
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