£7m UK funding won for EV application with Nissan
2 August 2018
Ceres Power Holdings Plc
("Ceres Power" or the "Company")
Ceres wins £7m UK funding to support electric vehicle application with Nissan
Ceres Power (AIM: CWR, "Ceres Power"), developer of the SteelCell®, a world-leading, low cost Solid Oxide Fuel Cell (SOFC) technology, is pleased to announce it has entered into a new partnership with Nissan to further develop fuel cell technology for EV applications. Ceres Power and The Welding Institute ("TWI") have been awarded a total of £8m UK government funding through the Advanced Propulsion Centre ("APC") for this project.
Highlights:
• Nissan, Ceres Power and TWI to enter into a new partnership to further develop fuel cell technology for EV application
• Ceres Power will receive £7 million funding and TWI will receive £1 million funding from APC as part of an overall £19 million programme over c. 3 years
• New partnership builds on the successful Joint Development with Nissan over the past 2 years and sees Ceres Power accelerating commercialisation of its SteelCell® fuel cell technology in automotive markets
• This comes soon after Ceres Power's recent announcement of a strategic partnership with China's Weichai Power to develop its technology for China's fast-growing electric powered bus market
After a successful two-year Innovate UK funded development programme (EVRE - Electric Vehicle Range Extender), this project is the natural next step towards increased technology and manufacturing readiness for mass production of Ceres Power's SteelCell® for automotive applications.
This project will involve the design, build, test and demonstration of a compact, robust, UK-produced SOFC stack, deployed within a Nissan designed fuel cell module suitable for operation with a variety of high efficiency fuel types (including biofuels).
The UK Government's 'Road to Zero' strategy, which requires a significant reduction in CO2 emissions, is accelerating the shift to battery Electric Vehicles. Introducing fuel cell technology alongside batteries further enables increased drive range and has a significant role to play in the acceleration of the uptake of battery EVs.
This latest announcement demonstrates Ceres Power's ability to bring its technology toward commercialisation through existing partnerships. The SteelCell® continues to attract world-class OEMs that are looking to develop an alternative to combustion engine technologies. Ceres Power has six strategic partners, including Cummins, Honda & Nissan, two as yet unnamed partners and a recently confirmed strategic investment partner in Weichai Power, which is primarily for range extension technology in China's fast-growing battery-electric bus market.
Phil Caldwell, CEO of Ceres Power, said
"This latest announcement is testament to the strength of our relationship with Nissan, with whom we have already made significant strides in range extension technology over the past two years. We are grateful for the support from the APC and UK Government. The SteelCell® is now setting the standard for solid oxide fuel cell technology around the world. This year we have delivered on our commercial objectives and we continue to target an additional broad strategic collaboration in 2018."
For further information, please contact:
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Ceres Power Holdings plc Dan Caesar |
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Tel: +44 (0)1403 273 463 |
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Zeus Capital (Nominated Adviser and Broker) Giles Balleny / Andrew Jones / Dom King |
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Tel: +44 (0) 20 3829 5000 |
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Berenberg (Joint Broker) Ben Wright / Mark Whitmore / Laure Fine |
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Tel: +44 (0) 203 207 7800 |
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Powerscourt Peter Ogden/Niall Walsh |
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Tel: +44 (0) 20 7250 1446 |
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The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
Notes to Editor:
About Ceres Power
Ceres Power is a fuel cell technology and engineering company whose aim is to bring cleaner and cheaper energy to businesses, homes and vehicles. We are working with world-leading partners to embed our SteelCell® technology in mass-market energy products for multiple applications globally. For further information please visit: http://www.cerespower.com/
About SteelCell®
Our world-leading, fuel flexible SteelCell® can generate power from conventional fuels like natural gas and from sustainable fuels like biogas, ethanol or hydrogen and it does so at very high efficiency 24 hours a day, 365 days a year. Made from mass-market and widely available materials, the SteelCell® is inherently cost-effective, robust and scalable. It is an ideal technology to tackle air pollution and climate change as it significantly lowers carbon emissions and pollutants, lowers running costs as well as offering the flexibility and resilience to enable the transition to renewable technologies and electric vehicles.
About Nissan Motor Co., Ltd.
Nissan is a global full-line vehicle manufacturer that sells more than 60 models under the Nissan, INFINITI and Datsun brands. In fiscal year 2017, the company sold 5.77 million vehicles globally, generating revenue of 11.9 trillion yen. On April 1, 2017, the company embarked on Nissan M.O.V.E. to 2022, a six-year plan targeting a 30% increase in annualized revenues to 16.5 trillion yen by the end of fiscal 2022, along with cumulative free cash flow of 2.5 trillion yen. As part of Nissan M.O.V.E. to 2022, the company plans to extend its leadership in electric vehicles, symbolized by the world's best-selling all-electric vehicle in history, the Nissan LEAF. Nissan's global headquarters in Yokohama, Japan, manages operations in six regions: Asia & Oceania; Africa, the Middle East & India; China; Europe; Latin America; and North America. Nissan has partnered with French manufacturer Renault since 1999 and acquired a 34% stake in Mitsubishi Motors in 2016. Renault-Nissan-Mitsubishi is today the world's largest automotive partnership, with combined sales of more than 10.6 million vehicles in calendar year 2017.
About Advanced Propulsion Centre (APC)
The APC is a joint venture between UK Government and the automotive industry and is responsible for making the UK a centre of excellence for the research, development and production of low carbon propulsion technology. Through facilitating funding from government, providing expertise and enabling collaboration its objective is to create the technologies for a cleaner automotive future.
About The Welding Institute (TWI)
The Welding Institute is the leading professional engineering institution for the registration of people involved with welding and joining all over the world. The TWI exists to support welding and joining personnel, to promote the profession and its importance in today's world, and to secure its place in the future.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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