Ceres Power Holdings plc Ceres Funding for Electrical Vehicle Applications (8513S)
March 22 2016 - 3:04AM
UK Regulatory
TIDMCWR
RNS Number : 8513S
Ceres Power Holdings plc
22 March 2016
22 March 2016
Ceres Power Holdings Plc
("Ceres Power", "Ceres" or "the Company")
CERES POWER wins funding for electric vehicle applications
Ceres Power Holdings plc (AIM:CWR) is pleased to announce that
it is the leader of a consortium which will be granted GBP772,000,
of which GBP573,000 is allocated to Ceres, from Innovate UK and The
Office for Low Emission Vehicles (OLEV), as published on 21 March
2016 by the Government.
The Company will lead a team, which includes a global automotive
company, to trial its Steel Cells with a view to extending the
range of electric light commercial vehicles and will announce more
details of this programme at a later date.
The funding, part of a GBP38 million fund from OLEV and Innovate
UK, is intended to develop ideas to cut vehicle emissions and make
plug-in vehicles drive further. It will be distributed to more than
130 companies and research centres across the country.
Phil Caldwell, Ceres Power's Chief Executive Officer said: "We
have always said that our innovative Steel Cell technology has a
range of potential applications and are delighted to lead on this
exciting project to help cut vehicle emissions globally. This is
our second partnership announcement this year in line with our
stated strategy to embed our Steel Cell technology into a variety
of different power products with the world's leading
companies."
For further information please contact:
Ceres Power Holdings plc Tel: +44 (0)1403
Phil Caldwell, CEO 273 463
Richard Preston, CFO
Zeus Capital (Nominated Tel: +44 (0) 20 3829
Adviser and Broker) 5000
Phil Walker / Andrew Jones
Tavistock Tel: +44 (0) 20 7920
Mike Bartlett/James Collins 3150
Notes to Editors:
About Ceres Power
Ceres Power (http://www.cerespower.com/) is a world leader in
low cost, next generation fuel cell technology for use in
distributed power products that reduce operating costs, lower CO2,
SOx and NOx emissions, increase efficiency and improve energy
security. The Ceres unique patented Steel Cell technology generates
power from widely available fuels at high efficiency and is
manufactured using standard processing equipment and conventional
materials such as steel, meaning that it can be mass produced at an
affordable price for domestic and business use.
Ceres offer its partners the opportunity to develop power
systems and products using its unique Steel Cell technology and
know-how, combined with the opportunity to supply the Steel Cell in
volume through its manufacturing partners.
www.cerespower.com
About Innovate UK
Innovate UK is the UK's innovation expert. It works with people,
companies and partner organisations to find and drive the science
and technology innovations that will grow the UK economy -
delivering productivity, new jobs and exports and keeping the UK
globally competitive in the race for future prosperity. For further
information and to stay updated on the latest news visit
www.gov.uk/innovateuk, follow on Twitter at @innovateuk or
subscribe to the YouTube channel at www.youtube.com/innovateuk.
This information is provided by RNS
The company news service from the London Stock Exchange
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