Portfolio company Ceres Power signs OEM deal

RNS Number : 2007S

IP Group PLC

19 December 2016

 

FOR RELEASE ON

19 December 2016

IP Group plc - Portfolio company Ceres Power signs OEM deal

IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the developer of intellectual property-based businesses, is pleased to note that its portfolio company, Ceres Power Holdings plc ("Ceres" or "the Company"), has signed a Joint Development Licence Agreement to develop and launch a multi-kW combined heat and power product using its SteelCell technology with a leading global Original Equipment Manufacturer.

Ceres Power, a world leading developer of low cost, next generation fuel cell technology in which IP Group holds a 25.6% stake, confirmed that it will transfer its system technology under a non-exclusive licence to its OEM partner to enable the development and new product launch of a multi-kW CHP product for use in stationary power applications.

This follows successful evaluation of the technology by the OEM at its facilities under the Evaluation Agreement which was announced on the 2nd February 2016.

The full announcement follows. 

For more information, please contact:

IP Group plc	www.ipgroupplc.com
Alan Aubrey, Chief Executive Officer Greg Smith, Chief Financial Officer Liz Vaughan-Adams, Communications	[phone] [phone]/[phone]
Charlotte Street Partners
Andrew Wilson	[phone]

Notes for editors

About IP Group

IP Group is a leading intellectual property commercialisation company which focuses on evolving great ideas, mainly from its partner universities, into world-changing businesses. The Group has pioneered a unique approach to developing these ideas and the resulting businesses by providing access to business building expertise, capital (through its 100%-owned FCA-authorised subsidiary IP Capital), networks, recruitment and business support. IP Group has a strong track record of success and its portfolio comprises holdings in approximately 80 early-stage to mature businesses across four main sectors -- Biotech, Cleantech, Healthcare and Technology. The Company is listed on the Main Market of the London Stock Exchange under the code IPO.

For more information, please visit our website at www.ipgroupplc.com.

ENDS

19 December 2016

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

Ceres Power Holdings Plc

("Ceres Power" or the "Company")

CERES POWER SIGNS OEM DEAL TO ENTER MULTI-kW CHP MARKET

Ceres Power, a world leading developer of low cost, next generation fuel cell technology, is pleased to announce it has signed a Joint Development License Agreement to develop and launch a Multi-kW combined heat and power ("CHP") product using its SteelCell technology with a leading global Original Equipment Manufacturer ("OEM").

This follows successful evaluation of the technology by the OEM at its facilities under the Evaluation Agreement which was announced on the 2 February 2016.

Under this new multi-year agreement, Ceres Power will transfer its system technology under a non-exclusive licence to its OEM partner to enable the development and new product launch of a multi-kW CHP product for use in stationary power applications. The contract provides for stage payments during the joint development and field trial of a multi-kW power product, targeting market entry upon successful completion.
Commercialization will lead to further revenues for the Company in the form of future royalty payments and SteelCell stack supply.

With many cities aiming to reduce their CO₂ and improve air quality by defining their own emissions policies, there is a growing opportunity to address this market with high efficiency distributed power generation. With Ceres Power's first proof of concept multi-kW system demonstrating greater than 50% net electrical efficiency and 90% overall efficiency when operating in CHP mode fuelled by natural gas, there is the potential to reduce overall energy consumption and carbon emissions by up to 30%.

Phil Caldwell, Chief Executive of Ceres Power commented:

"This is our fourth partnership signed with a global OEM this year and our first targeting the multi-kW CHP business sector with a partner with a clear intention to develop and launch a product using the SteelCell Technology."

Ceres Power Holdings plc Dan Caesar, Communications & Marketing Director	Tel: [phone]
Zeus Capital  (Nominated Adviser and Broker) Phil Walker/Andrew Jones/Hugh Kingsmill Moore	Tel: [phone]
Tavistock  Mike Bartlett/James Collins	Tel: [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 

ENDS

 

END

 

 

NRAGRBDDLGBBGLC