Ceres Power Holdings plc Trading Update (4356Z)
December 15 2017 - 2:21AM
UK Regulatory
TIDMCWR
RNS Number : 4356Z
Ceres Power Holdings plc
15 December 2017
15 December 2017
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
Ceres Power Holdings Plc Pre-Close Trading update
SIGNIFICANT COMMERCIAL PROGRESS
Ceres Power Holdings Plc (AIM: CWR), a world leading developer
of the SteelCell(R) low cost, next generation solid oxide fuel cell
technology, provides a trading update ahead of the six months ended
31 December 2017.
Highlights
-- First half income expected to increase by 80% to GBP3 million
-- Key milestones delivered with all partners including Honda, Nissan & Cummins.
-- On track to begin field trials in 2018 with first go-to market product.
-- New Technology Assessment Agreement with a leading Global OEM announced today.
-- Further OEMs in final stages of agreement to work with SteelCell(R) technology.
Delivery of key customer contract milestones driving revenue
growth
Ceres consolidated relationships with its existing partners
meeting key milestones and securing follow on business. As a
result, the company is on track at the half year to deliver GBP3
million of income, an increase of 80% year on year:
-- Ceres has now completed the technology transfer with its
commercially confidential customer on time and on budget. This has
enabled the OEM partner to develop a multi-kW combined heat and
power product with field testing planned in 2018.
-- In response to demand for higher power applications, Ceres is
working with Cummins and the US Department of Energy in the
development of a 10kW power only system, initially to target data
centres. A key milestone achieved in this programme has been the
development of a larger format of the SteelCell(R) which is opening
up new applications for, the technology.
-- Ceres continues to meet the milestones provided for the Range
Extender programme announced in June 2016 which has resulted in
securing follow on agreements with Nissan.
This progress has been enabled by the growing reputation of the
technology. Successful field trials of the technology in the UK
have confirmed the efficiency, flexibility and reliability of the
SteelCell(R) in real-world conditions and this has further enhanced
its reputation with world-class companies.
New OEM agreement
Ceres is today announcing it has signed a new Technology
Assessment Agreement with a leading Global OEM. Under the terms of
the agreement, Ceres will provide the SteelCell(R) technology at
the stack and system level for evaluation for combined heat and
power applications. If successful, this would lead on to a Joint
Development with the OEM partner in 2018.
The company is also at the final stages of agreements with other
commercial partners and Ceres is confident of signing further
contracts by early 2018.
Phil Caldwell, CEO said:
"We have made rapid progress in the second half of the year,
both commercially and technically. We continue to hit our targets
with our current development partners, resulting in further growth
in revenue which we expect to significantly increase over the same
period last year.
"I am delighted to announce a new relationship with another
Global OEM and can confirm that we are in final discussions with
others. This new agreement maintains the growth trajectory we have
been on for the past two years and is consistent with our plan to
work with the world's best partners in commercialising our
technology.
"Interest and awareness of the role the SteelCell(R) can play in
the future energy mix continues to grow. In 2018 we expect to see
existing programmes progress from development into field trials
with higher power systems and to take the next step towards
commercial launch with the addition of new OEM partners."
- Ends -
For further information please contact:
Ceres Power Holdings plc
Phil Caldwell, CEO
Dan Caesar, Communications & Marketing
Director +44 (0)1403 273 463
Zeus Capital - Nominated Adviser
and Joint Broker
Giles Balleny / Andrew Jones /
Hugh Kingsmill Moore +44 (0)20 3829 5000
Berenberg - Joint Broker
Ben Wright / Mark Whitmore / Laure
Fine +44 (0)20 3207 7800
Powerscourt
Peter Ogden/Andy Jones +44 (0) 20 7250 1446
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 Power unique patented SteelCell(R) 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 offers its partners the opportunity to develop power systems
and products using its unique technology and know-how, combined
with the opportunity to supply the SteelCell(R) in volume through
manufacturing partners.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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