Ilika plc Stereax(R) manufacturing plans update (1405X)

TIDMIKA

RNS Number : 1405X

Ilika plc

26 August 2020

Ilika plc

("Ilika" or the "Company")

Stereax (R) manufacturing plans update

Strengthening of the Senior Management team

Ilika (AIM: IKA), a pioneer in solid-state battery technology, would like to take the opportunity to update the market on the implementation of its manufacturing plans for Stereax, Ilika's miniature solid-state batteries designed for industrial wireless sensors in hostile environments and medical implants.

In the Company's Trading Update issued on 9 June 2020, Ilika explained that it had issued Requests for Information (RFI's) to four 3(rd) party fabrication facilities (FABs), two in Europe and two in North America, to prepare for the selection of its preferred fab partner. Ilika has now entered into detailed commercial discussions with two of the FABs, with a view to concluding discussions in Q4 2020.

Ilika confirmed, in the Final Results announcement on the 9 July 2020, that the contract had been awarded for the most significant long-lead equipment item, Tool 1, a custom-designed evaporation tool for the rapid deposition of cathode materials for Ilika's Stereax batteries. The Company continues to expect that this will be ready for delivery to Ilika in Q4 2020 for process development.

Ilika has now also placed the order for Tool 2, which deposits the remaining battery layers on top of the cathode. The delivery of this tool is synchronised with the delivery of Tool 1 to ensure optimal deployment of capital. Tools 1 and 2 are balanced to deliver a 70x productivity increase relative to Ilika's current pilot line capability.

Ilika, has strengthened the Company's Senior Management team by appointing Paul Marron to the newly created position of Technology Transfer Director, to oversee the implementation of Ilika's process at FAB scale. Paul has extensive operational experience in the semiconductor, automotive and aerospace industries.

Ilika's CEO Graeme Purdy, stated, "We remain entirely focused on agile project execution as we prepare our Stereax technology to meet the rigorous demands of full commercialisation. We are pleased to report that everything is on schedule, post shareholder support from the recent capital raise, despite challenging economic market conditions and the constraints of the pandemic."

 
For more information contact: 
 
 Ilika plc                                                 www.ilika.com 
Graeme Purdy, Chief Executive                            Via Walbrook PR 
Steve Boydell, Finance 
 Director 
 
Liberum Capital Limited                               Tel: [phone] 
Andrew Godber, Cameron 
 Duncan, William Hall, Nikhil 
 Varghese 
 
Walbrook PR Ltd                Tel: [phone] / [e-mail] 
Tom Cooper                                            Mob: [phone] 
Lianne Cawthorne                                      Mob: [phone] 
Nick Rome                                             Mob: [phone] 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

UPDFLFIDTAIEFII

(END) Dow Jones Newswires

August 26, 2020 02:00 ET (06:00 GMT)