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Ilika's electric vehicle project offered £22m from government grant
Solid-state battery technology and materials innovation firm Ilika saw its shares rocket on Tuesday after receiving an offer of grant funding through the Faraday Battery Challenge Programme.
The AIM-traded company said the grant, which was announced by business secretary Greg Clark, is part of the government's Industrial Strategy Challenge Fund, which aims to bring together leading research with businesses to take on societal and economic challenges.
Specifically, the grant of £22m has been awarded to the PowerDrive Line project, one of 12 singled out for the grant, which Ilika is a leading partner in.
The project is dedicated to the development of large format cells for future generations of high-power electric car batteries, and utilises Ilika's recently announced Stereax solid-state battery roadmap.
Processes for the manufacture of such high-power and fast-charging batteries are set to be defined by the project.
Ilika is to establish a pre-pilot line for high power solid-state cells as well as developing the materials supply chain.
As of 1629 BST, Ilika's shares were up 41.22% at 28.95p.