Ilika kicks off novel battery JV with McLaren Automotive

Writer, Stock Market Wire
Tuesday, January 29, 2019 - 14:25

Solid-state battery company Ilika said it and joint venture partners had commenced a project to developer batteries to power high-performance vehicles.

The so-called MoSESS project, led by McLaren Automotive, involved developing a fast-charging and high-power battery system based on advanced cell technology from Ilika and A123 Systems, which would be integrated into a vehicle.

It would deliver a simpler cooling system and an optimised crash structure for the battery, as well as reduced charging time and weight, Ilika said.

The company confirmed it would receive a £1.8m contribution towards its costs, which represented a reimbursement rate of 70% from Innovate UK.

The amount was is in addition to £2.3m of Innovate UK funding Ilika would receive to support its role in the Powerdrive Line collaboration, which commenced in October 2018.

The MoSESS joint venture also involves Warwick Manufacturing Group.

At 2:25pm: (LON:IKA) Ilika share price was 0p at 28.5p

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