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£150,000 for fuel cell work
A SOUTHAMPTON tech firm which specialises in the fast-track discovery of hi-tech new materials, has received a £150,000 cash injection from the Carbon Trust in exchange for shares.
It will help support the commercialisation of Ilika’s fuel cell technology which promises to be 70 per cent cheaper than the current industry standard.
Michael Rea, chief operating officer of Carbon Trust, said: “We have been supporting Ilika’s fuel cell work for some time. They continue to make good progress and the recent results provided to us show the major commercial and carbon-saving potential that this UK technology could unlock.”
Graeme Purdy, chief executive of Ilika, added: "We are excited by the Carbon Trust’s continuing support of our electro-catalyst technology following its independent review of our results.
"The continuing financial commitment from the Carbon Trust will enable Ilika to increase the scale of production of the material that has performed so promisingly in independent testing, allowing us to offer samples to our automotive commercialisation partners to validate its properties."