Ceres Wins £7m UK Funding to Support Electric Vehicle Application with Nissan
August 02 2018 - 1:50AM
Business Wire
Ceres Power (AIM: CWR, "Ceres Power"), developer of the
SteelCell®, a world-leading, low cost Solid Oxide Fuel Cell (SOFC)
technology, is pleased to announce it has entered into a new
partnership with Nissan to further develop fuel cell technology for
EV applications. Ceres Power and The Welding Institute (“TWI”) have
been awarded a total of £8m UK government funding through the
Advanced Propulsion Centre (“APC”) for this project.
Highlights:
- Nissan, Ceres Power and TWI to enter
into a new partnership to further develop fuel cell technology for
EV application
- Ceres Power will receive £7 million
funding and TWI will receive £1 million funding from APC as part of
an overall £19 million programme over c. 3 years
- New partnership builds on the
successful Joint Development with Nissan over the past 2 years and
sees Ceres Power accelerating commercialisation of its SteelCell®
fuel cell technology in automotive markets
- This comes soon after Ceres Power’s
recent announcement of a strategic partnership with China’s Weichai
Power to develop its technology for China’s fast-growing electric
powered bus market
After a successful two-year Innovate UK funded development
programme (EVRE – Electric Vehicle Range Extender), this project is
the natural next step towards increased technology and
manufacturing readiness for mass production of Ceres Power’s
SteelCell® for automotive applications.
This project will involve the design, build, test and
demonstration of a compact, robust, UK-produced SOFC stack,
deployed within a Nissan designed fuel cell module suitable for
operation with a variety of high efficiency fuel types (including
biofuels).
The UK Government’s ‘Road to Zero’ strategy, which requires a
significant reduction in CO2 emissions, is accelerating the shift
to battery Electric Vehicles. Introducing fuel cell technology
alongside batteries further enables increased drive range and has a
significant role to play in the acceleration of the uptake of
battery EVs.
This latest announcement demonstrates Ceres Power’s ability to
bring its technology toward commercialisation through existing
partnerships. The SteelCell® continues to attract world-class OEMs
that are looking to develop an alternative to combustion engine
technologies. Ceres Power has six strategic partners, including
Cummins, Honda & Nissan, two as yet unnamed partners and a
recently confirmed strategic investment partner in Weichai Power,
which is primarily for range extension technology in China’s
fast-growing battery-electric bus market.
Phil Caldwell, CEO of Ceres Power, said “This latest
announcement is testament to the strength of our relationship with
Nissan, with whom we have already made significant strides in range
extension technology over the past two years. We are grateful for
the support from the APC and UK Government. The SteelCell® is now
setting the standard for solid oxide fuel cell technology around
the world. This year we have delivered on our commercial objectives
and we continue to target an additional broad strategic
collaboration in 2018.”
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.
About Ceres Power Ceres Power is a fuel cell technology
and engineering company whose aim is to bring cleaner and cheaper
energy to businesses, homes and vehicles. We are working with
world-leading partners to embed our SteelCell® technology in
mass-market energy products for multiple applications globally. For
further information please visit: http://www.cerespower.com/
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version on businesswire.com: https://www.businesswire.com/news/home/20180801006150/en/
Ceres Power Holdings plcDan CaesarTel: +44 (0)1403 273
463orZeus Capital (Nominated Adviser and Broker)Giles
Balleny / Andrew Jones / Dom KingTel: +44 (0) 20 3829
5000orBerenberg (Joint Broker)Ben Wright / Mark Whitmore /
Laure FineTel: +44 (0) 203 207 7800orPowerscourtPeter
Ogden/Niall WalshTel: +44 (0) 20 7250 1446
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