Ceres to Develop Residential Power Systems

RNS Number : 7862E

Ceres Power Holdings plc

11 May 2017

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

Ceres Power Holdings Plc

("Ceres Power" or the "Company")

CERES POWER TO DEVELOP RESIDENTIAL POWER SYSTEMS WITH PARTNER

Agreement with global OEM partner extends the SteelCell™ technology into power systems for residential applications and is part-funded by Innovate UK

Ceres Power Holdings plc (AIM: CWR) is pleased to announce a new SOFC (Solid Oxide Fuel Cell) System Joint Development Agreement with one of the global OEMs in its partner portfolio.

This new 2 year agreement will enable Ceres Power to jointly develop power generation systems for residential markets using its unique metal supported SteelCell^TM technology. 

The SteelCell™ offers an affordable path for fuel cell power systems which can address the need for decarbonising power and heat across the world.  This key challenge has inspired successful support mechanisms for fuel cell systems across many countries at government level.  

Recognising the decarbonisation of heat in houses as a defining issue for CO₂ reduction targets, the UK Government is supporting the development of the SteelCell™ into residential power systems through £0.7m of funding to Ceres Power from Innovate UK.

Ceres Power is working with global OEMs to embed the SteelCell™ technology into power systems for Residential Applications, Businesses, Data Centres and Electric Vehicles.

Phil Caldwell, Chief Executive of Ceres Power commented:

"I am delighted to be developing a next generation power system with the SteelCell™ technology at its core with one of our world-leading partners. We look forward to taking our latest system designs and recent real-world operating experience and combining it with our partner's product expertise".

For further information, please contact: Ceres Power Holdings plc Phil Caldwell, CEO Richard Preston, CFO Dan Caesar, Communications & Marketing Director			[phone]
Zeus Capital (Nominated Adviser and Broker) Phil Walker/Andrew Jones Hugh Kingsmill Moore			[phone]
Powerscourt Peter Ogden/Andy Jones			[phone]

Notes to Editors:

About Ceres Power

Ceres Power (http://www.cerespower.com/) is a world leading developer of low cost, next generation fuel cell technology for use in decentralised energy products that reduce operating costs, lower CO₂ emissions, increase efficiency and improve energy security. Ceres Power's unique patented SteelCell™ technology operates on mains natural gas and is manufactured using standard manufacturing processes and conventional materials such as steel, meaning that it can be mass produced at an affordable price for domestic and business use.

www.cerespower.com  

 

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