New contract award
Ceres Power Holdings plc
12 December 2005
Ceres Power Holdings Plc ('Ceres', 'Ceres Power' or the 'Company')
Ceres Power takes another step towards mass production
with new contract
Ceres Power, the AIM-quoted fuel cell group, has won a new contract that will
accelerate its mass-manufacturing capability and enable it to meet the rapid
growth in demand expected from its target markets.
Ceres has been awarded a £0.5 million contract by The Carbon Trust to assist
development of mass production processes for its fuel cells ahead of their
anticipated arrival in home and industrial products. The Company is already
running a test-bed production facility at its Crawley headquarters near Gatwick
Airport.
Ceres Chief Executive Peter Bance said: 'We are currently working with British
Gas and BOC to develop marketable products based on our breakthrough technology.
This new contract will help move our volume manufacturing strategy forward so
that we can meet predicted market demand to the highest quality and reliability
standards at the lowest possible cost.'
Ceres is partnering with British Gas to incorporate its fuel cells in domestic
boilers that will produce both heat and electricity. A similar programme is
under way with BOC to develop fuel cell products using bottled gas for
applications where connection to the grid is unfeasible or uneconomic.
Unlike many fuel cells that can operate only on pure hydrogen, the patented
Ceres technology can also operate on readily available fuels like natural gas
and propane. The technology is not dependent on the widespread development of a
hydrogen economy, but will work effectively when this comes about.
The fuel cells can be manufactured inexpensively using low-cost materials and
established mass-production techniques, and will help to reduce both energy
consumption and greenhouse gas emissions.
About Ceres Power
Ceres is a successful AIM-listed fuel cell business targeting a range of global
market applications including on-site/back-up generators, residential combined
heat and power, and auxiliary power units for transport. Critically, the
technology uses low-cost materials and existing mass-production techniques. And
unlike many fuel cells, the Ceres cell can run on widely available fuels like
LPG, propane and natural gas as well as on hydrogen.
The company received major recognition for its green credentials when it became
the 2003 winner of the prestigious Carbon Trust Innovation Award. More
recently, Ceres secured the industry's top accolade by winning the Institute of
Materials, Minerals and Mining's Gold Medal for 2005.
Since its formation in 2001, Ceres Power has raised over £25 million of funding
through two rounds of private equity and its AIM IPO in November 2004. The
company has many blue chip City institutions as financial backers including
Fidelity, Morley, Cazenove, and Jupiter.
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
This information is provided by RNS
The company news service from the London Stock Exchange
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