Significant Technology Progress

RNS Number : 8969D

Ceres Power Holdings plc

23 May 2012

 



23^rd May 2012

Ceres Power Holdings plc

("Ceres", "Ceres Power", or "the Company")

Significant Technology Progress

Ceres Power is pleased to announce today that significant progress has been made in improving core technology power degradation performance and CHP product reliability.  The recent results underpin our confidence in meeting the mass market product specification required for launch in 2016. 

In our Interim Results in March 2012, we reported that degradation rates of around 3% per 1000hrs had been achieved on stacks running on a reformate mix.  Contamination, arising from the Company's test infrastructure, has now been identified as the significant cause of the power degradation.  The sources of this contamination have been identified and addressed, and degradation of around 1% per 1000 hours has now been achieved.

Previously, we also reported that the higher power degradation rate in a CHP product was probably due to control and contamination of the fuel processing unit.  We can now confirm that we have tested the fuel processing unit for over 1500hrs and that methane conversion efficiency is within the required performance levels, meaning that the compact fuel processor design is capable of meeting stack fuel requirements in a CHP product.  We are currently in the process of implementing and testing the engineering modifications to the CHP product, and are confident that we will demonstrate a significant reduction in the CHP degradation rate from that previously measured, and compatible with the degradation rates achieved at stack level.

Substantial improvements have also been made in CHP product reliability, through hardware and software enhancements that allow unimpeded running and increased uptime.  As an example, the power electronics has been upgraded to support continued operation of the CHP product by seamlessly handling temporary and intermittent failures in the mains electricity grid.  As a result, we have been running CHP products at improved levels of availability of greater than 97%, demonstrating consistent and dependable product-level operation.

Going forward, the Company will continue to build and test CHPs incorporating further improvements to reduce power degradation and increase reliability performance.  We remain confident that we will deliver and produce a cost effective CHP product for the mass market for launch in 2016.

For Further Information Contact:

	Ceres Power Holdings plc		Tel. [phone]
	David Pummell, Chief Executive Officer
	Rex Vevers, Finance Director
	Investec Securities Limited		Tel. [phone]
	Chris Sim/James Ireland
	Kreab Gavin Anderson & Company		Tel. [phone]
	Ken Cronin/Deborah Walter

Notes to Editors:

Ceres Power is a leading developer of clean, efficient, cost‐effective decentralised energy products that reduce operating costs, lower CO₂ emissions and improve energy security. These products use the Company's mass manufacturable technology platform, the Fuel Cell Module, based on the Company's unique patented solid oxide fuel cell ('SOFC') technology and operating on mains natural gas or packaged fuels, such as LPG. The Company is listed on the AiM section of the London Stock Exchange, and has facilities in Horsham and Crawley, West Sussex.

The Ceres Power fuel cell Combined Heat and Power ('CHP') product operates on mains natural gas and generates all of the heating and hot water and the majority of the electricity needs of a typical UK home. The wall‐mounted unit is designed to replace a conventional central heating boiler and uses the same gas, water and electricity connections. With its low heat‐to‐power ratio and unique load‐following ability, a Ceres Power CHP product can operate all year round thereby maximizing the energy savings for the household and cutting carbon emissions.

Significant market opportunities exist for the Company's residential CHP products globally including in Europe, Asia and North America. New products and market opportunities also exist in the longer term including remote industrial power and auxiliary power for transport applications.

www.cerespower.com

 

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