Ilika plc Materials development grant for Hard Disk Drives (7921V)

TIDMIKA

RNS Number : 7921V

Ilika plc

02 February 2017

Ilika plc

("Ilika" or the "Company")

Materials development grant for Hard Disk Drives

Ilika (AIM: IKA), a pioneer in materials innovation and solid-state battery technology, announces that it has received a notification from Innovate UK of its intent to award Ilika and Seagate Technology plc ("Seagate") an 18-month project grant of GBP575,995 to further develop photonic materials and processes for Hard Disk Drive ("HDD") technology, of which GBP365,698 will be used to fund project activities at Ilika.

Seagate is the market leader in magnetic recording used in HDD technology and this grant builds on the relationship between Ilika and Seagate to develop HDD technology announced on 25 February 2016. It is also one of the three grant awards referred to in the announcement dated 23 November 2016.

Demand for data storage is expected to grow by over 40% in the next three years, in part as a result of the movement to cloud storage. Most of the world's digital information is and will continue to be stored on hard drives. Innovation in the read-write transducer, from which information is recorded and read, is critical to increased hard drive data capacity and read/write speeds. Today, Seagate estimates that 25% of the world's transducers are manufactured in the UK giving Ilika and Seagate a unique opportunity to collaborate on this project to meet growing demand for this complex nano-engineered component. This project will deliver a process for photonic material development with improved data capacity using engineered materials to enable Heat Assisted Magnetic Recording ("HAMR"). Photonic materials, engineered with new process methods, will boost performance and reliability for HAMR hard drives, decreasing time to market.

Commenting on this grant award, Graeme Purdy, Ilika CEO, said: "Ilika welcomes this opportunity to extend our successful collaboration with Seagate. Seagate's state-of the-art wafer processing capability is a perfect complement to Ilika's high throughput materials innovation platform."

For more information contact:

 
 Ilika plc                                              www.ilika.com 
 Graeme Purdy, Chief                               Tel: [phone] 
  Executive 
 Steve Boydell, Finance 
  Director 
 
 Numis Securities Limited                          Tel: [phone] 
 Oliver Cardigan/ Paul 
  Gillam / 
 James Black 
 
 Walbrook PR Ltd            Tel: [phone] / [e-mail] 
 Paul Cornelius                                    Mob: [phone] 
 Lianne Cawthorne                                  Mob: [phone] 
 

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February 02, 2017 02:00 ET (07:00 GMT)