TIDMCWR
RNS Number : 0735I
Ceres Power Holdings plc
10 December 2020
10 December 2020
Ceres Power Holdings plc
CERES AND AVL SIGN STRATEGIC COLLABORATION FOR
FUEL CELL SYSTEMS BUSINESS
-- Ceres has signed a strategic partnership with AVL, an
engineering consultancy group which has over 20 years of experience
in fuel cell systems across a range of industries
-- Collaboration unites respective in-house fuel cell systems
competencies and significantly increases Ceres' global reach
-- In doing so, Ceres and AVL gain access to one of the largest
joint IP (intellectual property) portfolios of SOFC systems
globally which will be jointly licensed to customers
-- New systems customers are anticipated to drive demand from
Ceres stack manufacturing licensees
Horsham, UK / Graz, Austria: Ceres Power Holdings plc ("Ceres",
the "Company") (AIM: CWR.L), a global leader in fuel cell and
electrochemical technology, is pleased to announce that it has
signed a strategic collaboration with AVL List GmbH ("AVL"), a
global powertrain engineering consultancy with a deep pedigree in
fuel cell development, to accelerate customer adoption and product
development of solid oxide fuel cell (SOFC) technology for numerous
transportations, stationary or other applications.
World-leading systems engineering competence
AVL has 20 years of fuel cell engineering experience and is the
world's largest independent company for the development, simulation
and testing of all types of powertrain systems. It has 11,500
employees, 65% of whom are engineers and scientists, in 26
countries worldwide delivering an annual turnover of circa EUR2
billion.
Drawing on AVL's strength in engineering consulting, the
collaboration with Ceres will unite the IP portfolios into a
world-leading system-engineering competence, bringing together each
company's systems-related technology, expertise and intellectual
property to conduct joint research and development for onward
licensing to customers. It is intended to expand the number of
products integrating Ceres' technology and the first agreement has
been signed with an unnamed customer.
Accelerate adoption of Ceres' technology
Under the terms of the collaboration, both parties can continue
to market and licence their technology to their individual
customers. By bringing their leading IP together Ceres and AVL can
offer customers one of the most comprehensive IP portfolios for
SOFC systems, and together innovate higher performance solutions
and new applications. These in turn can be jointly licensed to
customers, creating royalty revenue opportunities that are shared
between the two partners.
Access to AVL's business development resources will
significantly expand Ceres' global reach to quickly identify
applications and customers who will benefit from Ceres'
differentiated technology. This greater access to customers and
product applications will enhance Ceres' ability to scale the
business and to generate significant value through its licensing
model. In turn, AVL gains access to Ceres' unique systems
technology as its integration partner. The agreement does not
affect existing or future programmes with current partners.
It is expected that system customers from this relationship with
AVL will drive demand from Ceres' stack manufacturing partners,
currently Bosch and Doosan, which in turn will generate stack
royalty payments for Ceres.
Commenting on the deal, Ceres' Chief Executive Phil Caldwell
said: "The potential for Ceres' technology to play a role in the
decarbonisation of the global energy system is substantial, and
this collaboration with AVL is a significant step in our strategy
to accelerate its adoption in an expanded number of applications
and markets. As a licensing business, our ability to scale depends
on successfully embedding our technology with a greater number of
customers and AVL's global footprint, engineering scale and
track-record in the fuel cell market, makes them an ideal partner
for Ceres."
Georg List, Vice President Corporate Strategy at AVL, added: "We
are looking forward to partnering with Ceres. We trust we can
jointly make SOFC technology available for new and leading-edge
solutions. AVL's broad competence portfolio for SOFC systems and
our engineering and integration capabilities - paired with Ceres'
unique technology and solutions portfolio - will ensure a
compelling joint offering in this fast-growing market."
Ends
An analyst call will be held today at 4.00pm GMT regarding the
announcement. To register your interest, please contact Powerscourt
at ceres@powerscourt-group.com
For further information visit www.ceres.tech or contact:
Ceres Power Holdings plc Tel: +44 (0)7884 654
Patrick Yau 179
Investec Bank PLC (NOMAD & Joint Tel: +44 (0)207 597 5970
Broker)
Jeremy Ellis / Patrick Robb
Berenberg (Joint Broker) Tel: +44 (0)203 207 7800
Ben Wright / Mark Whitmore
Powerscourt Tel: +44 (0)20 7250 1446
Peter Ogden / James White
About Ceres Power
Ceres is a world-leading developer of next generation solid
oxide fuel cell (SOFC) and electrochemical technology. Its
asset-light, licensing model has seen it establish partnerships
with some of the world's largest engineering and technology
companies, such as Weichai in China, Bosch in Germany, Miura in
Japan, and Doosan in South Korea, to develop systems and products
that address climate change and air quality challenges for
transportation, industry, data centres and everyday living. Ceres
is listed on the AIM market of the London Stock Exchange ("LSE")
(AIM: CWR) and is classified by the LSE Green Economy Mark, which
recognises listed companies that derive more than 50% of their
activity from the green economy.
About AVL (https://www.avl.com/)
AVL is the world's largest independent company for the
development, simulation and testing of powertrain systems (hybrid,
combustion engine, transmission, electric drive, batteries, fuel
cells and software) for passenger cars, trucks and large engines.
AVL has more than 11,500 employees all over the world. In 2019,
sales revenues reached EUR 1.97 billion.
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