24th Sep 2014 08:28
LONDON (Alliance News) - Ilika PLC Wednesday said it is trading in line with expectations in the year-to-date, with revenue ahead in its current financial year on the back of a contract win and progress on the commercialisation of its battery technology.
The company said it was making advances in both solid state batteries and in the development of its low cost fuel cell catalyst in the period since the end of its financial year in July. It said it is trading in line with expectations in the new year so far.
The battery technology group said it has been boosted by the commercial contract signed in August with a new European Union-based customer for the development of battery materials. That deal increased its level of committed revenue for the current financial year to GBP825,000, ahead of the GBP535,000 reported a year earlier.
Ilika also got a boost yesterday after it said the pilot line for the production of prototype batteries has successfully completed its factory acceptance test as part of its deal with the University of Southampton to build a solid-state battery scale-up facility.
The equipment is due to be shipped for installation and commissioning in Southampton in the fourth quarter of this year, with work to then start on preparing pre-production quantities of solid-state batteries in 2015 for evaluation by commercial partners, the company said.
Ilika shares were trading higher in morning trade on Wednesday, up 2% at 92.8 pence per share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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