Ceres Power Holdings plc Ceres Signs OEM Deal to Enter Multi-kW CHP Market (1695S)
19 December 2016 - 7:00AM
UK Regulatory
TIDMCWR
RNS Number : 1695S
Ceres Power Holdings plc
19 December 2016
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
Dan Caesar, Communications 273 463
& Marketing Director
Zeus Capital (Nominated Tel: +44 (0) 20 3829
Adviser and Broker) 5000
Phil Walker/Andrew Jones/Hugh
Kingsmill Moore
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 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
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December 19, 2016 02:00 ET (07:00 GMT)