LONDON--Ceres Power Holdings PLC (CWR.LN), a developer of low
cost, next generation fuel cell technology, said Tuesday it has
signed a joint development agreement with Cummins Power Generation
Inc., a wholly owned subsidiary of Cummins Inc.
MAIN FACTS:
-Initially Cummins and Ceres will work together on a
non-exclusive basis, combining their complementary technical
capabilities and market know-how with Ceres assuming responsibility
for the Steel Cell fuel cell system technology and Cummins
providing system integration expertise, focusing on the assessment
of applications for Cummins' core markets of larger scale back-up
power and prime power applications.
-Further stages of the agreement could include Cummins and Ceres
working together on system feasibility and the evaluation of
potential development programs with major end users and utilities,
who are already expressing interest in using power systems
incorporating Ceres' Steel Cell technology.
-Successful completion of this collaboration assessment
agreement phase could lead to a broader cooperative system
development program under a continuation agreement.
-Ceres Power shares at 0820 GMT unchanged at 7 pence valuing the
company at 35 million pounds.
-Write to Ian Walker at ian.walker@wsj.com
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