IP Group PLC Portfolio company Ceres Power signs OEM deal
December 19 2016 - 2:12AM
RNS Non-Regulatory
TIDMIPO
IP Group PLC
19 December 2016
FOR RELEASE ON 19 December 2016
IP Group plc - Portfolio company Ceres Power signs OEM deal
IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the
developer of intellectual property-based businesses, is pleased to
note that its portfolio company, Ceres Power Holdings plc ("Ceres"
or "the Company"), has signed a Joint Development Licence Agreement
to develop and launch a multi-kW combined heat and power product
using its SteelCell technology with a leading global Original
Equipment Manufacturer.
Ceres Power, a world leading developer of low cost, next
generation fuel cell technology in which IP Group holds a 25.6%
stake, confirmed that it will transfer its system technology under
a non-exclusive licence to its OEM partner to enable the
development and new product launch of a multi-kW CHP product for
use in stationary power applications.
This follows successful evaluation of the technology by the OEM
at its facilities under the Evaluation Agreement which was
announced on the 2nd February 2016.
The full announcement follows.
For more information, please contact:
IP Group plc www.ipgroupplc.com
Alan Aubrey, Chief Executive
Officer +44 (0) 20 7444 0050
Greg Smith, Chief Financial
Officer +44 (0) 20 7444 0062/+44
Liz Vaughan-Adams, Communications (0) 7979 853802
Charlotte Street Partners
Andrew Wilson +44 (0) 7810 636995
Notes for editors
About IP Group
IP Group is a leading intellectual property commercialisation
company which focuses on evolving great ideas, mainly from its
partner universities, into world-changing businesses. The Group has
pioneered a unique approach to developing these ideas and the
resulting businesses by providing access to business building
expertise, capital (through its 100%-owned FCA-authorised
subsidiary IP Capital), networks, recruitment and business support.
IP Group has a strong track record of success and its portfolio
comprises holdings in approximately 80 early-stage to mature
businesses across four main sectors -- Biotech, Cleantech,
Healthcare and Technology. The Company is listed on the Main Market
of the London Stock Exchange under the code IPO.
For more information, please visit our website at
www.ipgroupplc.com.
ENDS
19 December 2016
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Ceres Power Holdings Plc
("Ceres Power" or the "Company")
CERES POWER SIGNS OEM DEAL TO ENTER MULTI-kW CHP MARKET
Ceres Power, a world leading developer of low cost, next
generation fuel cell technology, is pleased to announce it has
signed a Joint Development License Agreement to develop and launch
a Multi-kW combined heat and power ("CHP") product using its
SteelCell technology with a leading global Original Equipment
Manufacturer ("OEM").
This follows successful evaluation of the technology by the OEM
at its facilities under the Evaluation Agreement which was
announced on the 2 February 2016.
Under this new multi-year agreement, Ceres Power will transfer
its system technology under a non-exclusive licence to its OEM
partner to enable the development and new product launch of a
multi-kW CHP product for use in stationary power applications. The
contract provides for stage payments during the joint development
and field trial of a multi-kW power product, targeting market entry
upon successful completion.
Commercialization will lead to further revenues for the Company
in the form of future royalty payments and SteelCell stack
supply.
With many cities aiming to reduce their CO(2) and improve air
quality by defining their own emissions policies, there is a
growing opportunity to address this market with high efficiency
distributed power generation. With Ceres Power's first proof of
concept multi-kW system demonstrating greater than 50% net
electrical efficiency and 90% overall efficiency when operating in
CHP mode fuelled by natural gas, there is the potential to reduce
overall energy consumption and carbon emissions by up to 30%.
Phil Caldwell, Chief Executive of Ceres Power commented:
"This is our fourth partnership signed with a global OEM this
year and our first targeting the multi-kW CHP business sector with
a partner with a clear intention to develop and launch a product
using the SteelCell Technology."
Ceres Power Holdings plc Tel: +44 (0)1403 273 463
Dan Caesar, Communications & Marketing Director
Zeus Capital (Nominated Adviser and Broker)
Tel: +44 (0) 20 3829 5000
Phil Walker/Andrew Jones/Hugh Kingsmill Moore
Tavistock
Tel: +44 (0) 20 7920 3150
Mike Bartlett/James Collins
Notes to Editors:
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.
Ceres Power's unique patented SteelCell 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.
www.cerespower.com
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
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