Second BOC contract
Ceres Power Holdings plc
05 September 2005
Second BOC contract moves Ceres Power fuel cell closer to market
The BOC Group ('BOC'), the global industrial gases giant, is moving
another step forward with Ceres Power Holdings plc ('Ceres Power' or the
'Company') on fuel cell technology that generates electricity from
a range of cylinder gases.
Following an initial programme started last September and now successfully
completed, BOC and Ceres Power have entered into a second agreement to carry out
pre-commercial testing and development work.
Ceres Power Chief Executive Peter Bance said: 'This important follow-up
contract underscores how Ceres is progressing rapidly towards a commercial
product with its world-beating fuel cell. We have moved beyond research and
development and have established strong links with global partners who have
excellent channels into a range of market sectors.'
The original trials run for BOC assessed how fuels like LPG and propane could be
used to produce electricity when it passes across the surface of the Company's
fuel cell. The fuel cell could be used to provide silent, reliable power and
useable heat for a range of off-grid applications from construction sites to
telecoms base stations. The two companies will move beyond the initial fuel
processing trials already completed, to explore specific market applications in
preparation for the launch of a commercial product.
BOC Global Director of Sustainable Energy, John Carolin added: 'This
second-phase contract with Ceres follows on from our original technical
feasibility trials which were successfully completed and showed real promise.
The potential markets we have identified represent significant growth
opportunities for our business around the world.'
AIM-quoted Ceres Power, based in Crawley near Gatwick, is also working with
British Gas to develop its fuel cell for use in people's homes. It will run off
natural gas to produce both heat and electricity, cutting domestic energy bills
and reducing greenhouse gas emissions.
How a fuel cell works
A fuel cell operates by electrochemically combining gas -- such as LPG, propane,
natural gas or hydrogen -- with oxygen taken from the air outside. While fuel
cells are more like engines than batteries, to the extent that they generate
energy from fuel in a tank rather than store energy, their design and
construction is more akin to batteries with their flat electrolyte layers
sandwiched between electrodes.
Fuel cells are solid state devices that convert fuel directly into electricity
and heat at very high efficiency and in an environmentally friendly way,
offering significant energy savings and emissions reductions.
About Ceres Power
Ceres Power 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 Company's 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 Power 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.
About BOC
BOC, the world-wide industrial gases, vacuum technologies and distribution
services company, serves two million customers in more than 50 countries. It
employs some 30,000 people and had annual sales of over £4.6 billion in 2004.
Further information about the BOC Group may be obtained on the internet at
www.boc.com.
BOC's sustainable energy team develops and seeks to commercialise the industrial
gases applications essential to fuel cell technology. Fuel cell technology is
key to the long-term development of alternative energy resources, road transport
and protection of the environment and as such, BOC has become associated with a
number of important trials working with customers in these sectors.
For further information contact:
Peter Bance, Chief Executive, Ceres Power Ltd: +44 (0) 1293 400 404
Allan Piper: First City Financial Public Relations: +44 (0) 20 7436 7486
+44 (0) 7736 064 982
Greg McNeill, public relations manager, BOC: +44 (0) 1483 244 515
This information is provided by RNS
The company news service from the London Stock Exchange
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