Commercial Progress and Expansion in Japan
12 February 2014
Ceres Power Holdings plc (AIM: CWR.L)
("Ceres", "Ceres Power" or "the Company")
Ceres Announces Commercial Progress and Expansion in Japan
The directors of Ceres Power, a world leading developer of low cost, next generation fuel cell technology, are pleased to announce a further Evaluation Agreement with a global Japanese Original Equipment Manufacturer (OEM) and the opening of a Company office in Japan.
Following successful customer technology trials of its unique Steel Cell technology in the UK, Ceres has signed an Evaluation Agreement to cover further testing at 1kW level at the OEM partner's site in Japan. In addition, trialling of the Steel Cell technology is already underway in Japan with another Japanese OEM. In April, Ceres will be opening an office in the Kansai area in order to service this commercial activity and support further strategic opportunities in Asia. This follows the traction that has already been achieved following the recent appointment of a Japanese business development director.
Phil Caldwell, Chief Executive of Ceres Power, commented:
"I am delighted that our strategy to target Japan is proving successful, and that we are moving forward to the next stage of technology evaluation in Japan. This shows the high level of confidence in our technology and provides further validation from some of the world's leading companies, who are recognising the low cost potential and robustness of the Ceres Steel Cell. Japan is a key market for Ceres as it is recognised as the leader in commercialisation of fuel cell technology with an estimated 50,000 residential micro-CHP units sold domestically there in 2013. I am excited that we will soon have a presence in Japan and look forward to developing these relationships further. "
Enquiries:
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Ceres Power Holdings plc Phil Caldwell, CEO Richard Preston, Finance Director |
Tel. +44 (0)1403 273 463
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N+1 Singer (Nominated Adviser and Broker) Andrew Craig / Ben Wright
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Tel: +44 (0) 20 7496 3000
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Tavistock Communications Mike Bartlett/James Collins
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Tel: +44 (0) 20 7920 3150
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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.
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