Ilika has renewed a contract with an existing customer for the development of novel battery materials.
Together with other secured orders, this contract brings the level of revenues to approximately £1.2m for the current financial year ending 30 April 2011.
The market for lithium-ion batteries is expected to grow from its current level of $8bn (£5.2bn) per annum to $32bn per annum by 2018.
The fastest-growing segment of this market is expected to be for electric and hybrid electric vehicles.
Commenting on the renewal of the contract, Graeme Purdy, chief executive of Ilika, said: ‘The market for electric and hybrid electric vehicles is growing rapidly and presents a huge opportunity for us to develop new materials for batteries, which need to be the right size and have sufficient energy capacity and charge rates.
‘We will focus on these areas, building on the technical successes of previous phases of the project to bring this rapidly advancing field closer to commercial adoption.’