Ceres signs Joint Development Agreement

RNS Number : 5275V

Ceres Power Holdings plc

29 October 2014

 



29 October 2014

Ceres Power Holdings plc

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

Ceres signs Joint Development Agreement with a leading Japanese Power Systems company

Ceres Power Holdings plc, a world leading developer of low cost, next generation fuel cell technology, is pleased to announce that it has signed a next stage Joint Development Agreement with a leading global Japanese power systems company following a successful period of extensive testing both in the UK and Japan during the past year.

The non-exclusive agreement will enable the companies to combine their respective engineering and R&D expertise to produce a jointly developed Steel Cell SOFC stack using the cost-effective and robust Ceres Steel Cell technology.  The stacks will be supplied from Ceres manufacturing facility in the UK followed by system level testing in Japan.  In parallel to the testing the two companies will explore the potential business opportunities for both residential applications and generators.

Phil Caldwell, CEO of Ceres Power, commented:

"Japan is the leading market for fuel cell products and entering into this next stage following rigorous testing in Japan with one of the world's leading engineering companies is further validation of the Ceres Steel Cell technology.  The Steel Cell offers a step change reduction in cost and cycle-ability over the SOFC technology used in the Japanese market today, making widespread commercialisation of this type of technology possible. 

Building strong relationships in Japan takes time due to the rigour of the engineering testing processes but I am delighted to have deepened our relationship with such a household name, and I am greatly encouraged by the high level of commercial interest we now have in Japan in a relatively short space of time since opening our Kyoto office in April this year."

Enquiries:

Ceres Power Holdings plc Phil Caldwell, CEO Richard Preston, CFO	Tel. [phone]
Ceres Power Japan office Steven Rogers	Tel. [phone]
N+1 Singer  (Nominated Adviser and Broker) Andrew Craig / Ben Wright	Tel: [phone]
Tavistock Communications 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.  The Ceres unique patented Steel Cell 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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