GBP1.9m Govt Contract Award
Ceres Power Holdings plc
23 February 2005
Ceres Power Holdings plc ('Ceres' or the 'Company')
Ceres receives major government backing through £1.9 million contract
Ceres, the AIM-quoted fuel cell company, is pleased to announce that it has been
awarded a £1.9 million contract from the UK's Department of Trade & Industry
(DTI) as part of the government's commitment to support the development of
low-carbon technologies. This contract highlights Ceres' leading position in
the alternative energy industry.
The programme, where Ceres is leading a consortium of other contributors, will
help the Company explore fuel cell stack and system designs which may help
further reduce manufacturing costs and deliver more compact, lightweight
commercial solutions.
Chief Executive Peter Bance said: 'As a high growth UK company exploiting
leading edge energy technology offering significant environmental and economic
benefits, we have enjoyed major government support up to the highest levels.
The widespread commercialisation of our fuel cells could offer substantial CO2
reduction, fuel savings leading to reduced reliance on imports and help to
relieve the strain on the electricity grid - all critical government
objectives.'
Since winning the Carbon Trust's Innovator of the Year Award in 2003, Ceres has
been described by Prime Minister Tony Blair as a 'world leader', while Energy
Minister Mike O'Brien said the company is 'at the forefront of the race to make
fuel cells a commercially viable technology.'
The award of this contract follows Ceres raising £21.6 million through its
November 25th 2004 listing on AIM in addition to two prior rounds of private
equity funding totalling £10 million over the course of the previous 3 years.
Ceres has also been the recipient of a total of five grants from the DTI and the
Carbon Trust which have contributed to the acceleration of its R&D programme.
For further information contact:
Peter Bance, Chief Executive, Ceres Power: +44 (0) 1293 400 404
Allan Piper: First City Financial Public Relations: +44 (0) 20 7436 7486
+44 (0) 7736 064 982
Jag Mundi, Corporate Finance, Numis Securities +44 (0) 207 776 1500
www.cerespower.com Ticker symbol: CWR
This information is provided by RNS
The company news service from the London Stock Exchange
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