Ceres Power Holdings plc Ceres Power Signs Fifth Development Partner (4142B)
January 10 2018 - 2:00AM
UK Regulatory
TIDMCWR
RNS Number : 4142B
Ceres Power Holdings plc
10 January 2018
10 January 2018
CERES POWER SIGNS FIFTH DEVELOPMENT PARTNER
-- 5(th) major OEM Joint Development Agreement delivers major
strategic milestone for Ceres Power
-- Adds to partnerships with Nissan, Honda, Cummins and a
further major global OEM announced in the last 2 years
-- Maintains the development momentum of Ceres Power and
highlights increasing global backing for the SteelCell(R)
technology
Ceres Power (AIM: CWR), developer of the SteelCell(R), a
world-leading, low cost Solid Oxide Fuel Cell technology, is
pleased to announce it has signed a new Joint Development Agreement
(JDA) with a significant European-based global OEM. Ceres and the
new partner will work together to develop prototype multi-kilowatt
power systems for several potential applications.
This strategic relationship, the fifth agreement Ceres has
signed in less than two years, is the first step in considering a
potential collaboration which could include joint system
development, Solid Oxide Fuel Cell stack development and
manufacturing.
In addition to this latest partner, a European-based global OEM,
Ceres Power also has strategic JDA partnerships with Honda, Nissan,
Cummins and a further global OEM. Ceres is working with these
world-class companies to embed the SteelCell(R) technology into
power systems for the Residential, Business, Data Centre and
Electric Vehicle markets.
Phil Caldwell, CEO said:
"We set ourselves the target of securing five major development
partners within two years and we've now achieved that by signing an
agreement with another global player. We are continuing to attract
some of the biggest names in the power systems and energy sectors,
an endorsement not just of our technology and engineering
expertise, but also of the significant potential of the
SteelCell(R). Awareness in the technology, and Ceres' leading
position is growing fast. This latest agreement sets us up for a
strong 2018 as we continue to add new partners and progress
existing relationships towards the commercialisation of our
technology with the world's best companies."
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014. Upon the publication of
this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public
domain.
- 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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