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Ceres expects 80% rise in H1 income

By BFN News | 08:01 AM | Friday 15 December, 2017

Ceres Power expects income for the six months to the end of December to increase by around 80% to £3m. Ceres said it consolidated relationships with all its existing partners including Honda, Nissan and Cummins during the period, meeting key milestones and securing follow on business. It said it was on track to begin field trials in 2018 with first go-to market product. Ceres also announced that it had signed a new technology assessment agreement with a leading global OEM. Under the terms of the agreement, Ceres will provide the SteelCell technology at the stack and system level for evaluation for combined heat and power applications. It said that if successful, this would lead on to a joint development with the OEM partner in 2018. The company also said it was at the final stages of agreements with other commercial partners and was confident of signing further contracts by early 2018. Chief executive Phil Caldwell said: 'We have made rapid progress in the second half of the year, both commercially and technically. 'We continue to hit our targets with our current development partners, resulting in further growth in revenue which we expect to significantly increase over the same period last year. 'I am delighted to announce a new relationship with another Global OEM and can confirm that we are in final discussions with others. 'This new agreement maintains the growth trajectory we have been on for the past two years and is consistent with our plan to work with the world's best partners in commercialising our technology. 'Interest and awareness of the role the SteelCell can play in the future energy mix continues to grow. 'In 2018 we expect to see existing programmes progress from development into field trials with higher power systems and to take the next step towards commercial launch with the addition of new OEM partners.' At 8:01am: (LON:CWR) Ceres Power Holdings PLC share price was +0.63p at 12.75p Story provided by

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