Ilika Plc (LON:IKA), a pioneer in materials innovation and solid-state battery technology, announced today an initial, one-year, commercially-funded project to develop game-changing energy materials in collaboration with Toyota Motor Corp (NYSE:TM).
The project, which was referenced in the Company’s Trading Update released on 23rd November 2016 as a commercially-funded materials development programme from an existing customer, will be managed through the Toyota Research Institute (“TRI”) in the USA. The project is part of a wider programme within TRI and details of this wider collaboration will be announced in due course.
Candidate materials will be made and tested using Ilika’s unique high throughput platform. Promising materials will be further scaled-up by Toyota and its suppliers for deployment in its future low-emission vehicles. This project will combine IKA’s thin film solid-state materials synthesis and characterization technology, with Toyota’s automotive leadership.
Commenting on this collaboration, Graeme Purdy, Ilika Plc CEO, said: “We are delighted to have broadened and deepened our relationship with the Toyota Group. Toyota is demonstrating global vision in the innovation and implementation of leading-edge technology in next generation automotives.”
Zeus Capital Dr Tom McColm commented: “In its trading statement on November 23rd 2016, IKA referenced an existing blue-chip customer had given notice of intent to enter into a 12 month materials development program in a new application area worth $1m to Ilika. This morning it confirms that the deal with Toyota has successfully come to fruition and been signed. This is excellent news for the company and its shareholders for the following reasons. Firstly, it shows the strength of the company’s relationship with Toyota, and the belief Toyota has in Ilika’s world-class materials discovery platform. Secondly, it is further proof that the company’s core rapid materials development and optimization model for blue chip clients is in good health. Thirdly, that it is an ‘initial’ project, with the likelihood of follow-on and related programs in the same application area.
The application area is cited as ‘game changing energy materials’, which we speculate will be in the fuel-cell space, considering the deal is with Toyota, and therefore automotive related, and Ilika already has extensive collaboration with Toyota as a customer in the electric vehicle (‘EV’) battery space.”
