Ceres Power Holdings plc Doosan/Hyundai develop Ceres technology for marine
March 18 2021 - 2:49AM
RNS Non-Regulatory
TIDMCWR
Ceres Power Holdings plc
18 March 2021
18 March 2021
Ceres Power Holding plc
DOOSAN ANNOUNCES JOINT DEVELOPMENT WITH
HYUNDAI HEAVY INDUSTRIES FOR AN SOFC MARINE SYSTEM
-- Doosan Fuel Cell has signed a memorandum of understanding
(MOU) with Korea Shipbuilding & Offshore Engineering, a
shipbuilding division of Hyundai Heavy Industries, to jointly
develop a solid oxide fuel cell (SOFC) system that provides cleaner
power for ships
-- This system will be based on Ceres' proprietary SOFC stack technology
-- Marine applications could represent a significant expansion
of Doosan's future SOFC business, in addition to its established
stationary power market
Horsham, UK: Ceres Power Holdings plc ("Ceres", the "Company")
(AIM:CWR), a global leader in fuel cell and electrochemical
technology, and Doosan Fuel Cell Co. Ltd ("Doosan") announced a
strategic collaboration and licence agreements in October 2020,
with a commitment to build a 50MW facility initially for the mass
manufacture under licence of Ceres' fuel cell stacks in South
Korea.
Today, Doosan announces that it has signed an MOU for the joint
development of a megawatt class SOFC system for eco-friendly marine
propulsion and power generation with Korea Shipbuilding &
Offshore Engineering, a division of the world's largest
shipbuilding company Hyundai Heavy Industries.
Doosan will design and manufacture the system for ships
utilising Ceres' SOFC technology, evaluating stability and
developing system control technology. Korea Shipbuilding &
Offshore Engineering will lead on designing the fuel cell
arrangements specific to the marine environment and developing
ship-linked system control technology. The two companies will
conduct joint research and development in the shipbuilding and
offshore fields for marine demonstration in the future.
This announcement continues the expansion of Doosan's business
into the marine market and reflects the wider growth of Ceres'
technology into new markets, a key driver of the fundraising
completed this morning totalling GBP181 million in new growth
capital. Shipping today accounts for over 2% of global greenhouse
gas emissions and SOFC is one of the most promising clean energy
technologies to support the 50% reduction in emissions by 2050,
from 2008 levels, mandated by The International Maritime
Organization.
Ends
For further information visit www.ceres.tech or contact:
Ceres Power Holdings plc Tel: +44 (0)7884 654
Patrick Yau/ Elizabeth Skerritt 179/ +44(0)7932023283
Investec Bank PLC (NOMAD & Joint Tel: +44 (0)207 597 5970
Broker)
Jeremy Ellis / Patrick Robb / Ben
Griffiths
Berenberg (Joint Broker) Tel: +44 (0)203 207 7800
Ben Wright / Mark Whitmore
Madano (Financial PR) Tel: +44 (0) 20 7593
Michael Evans / Hoda Awad 4000
About Ceres Power (www.ceres.tech)
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 Doosan Fuel Cell Co., Ltd ( www.doosanfuelcell.com )
Doosan Fuel Cell Co., Ltd. was founded after its spin-off from
Doosan Fuel Cell BG in October 2019 and is the global stationary
fuel cell market leader. Doosan Fuel Cell is committed to
developing and supplying efficient clean stationary fuel cells to
satisfy the Korean government renewable energy plan, and is focused
on shaping the hydrogen future.
Korean Shipbuilding & Offshore Engineering
(www.ksoe.co.kr/en/)
Korean Shipbuilding & Offshore Engineering is a division of
Hyundai Heavy Industries, the world's largest shipbuilding company
headquartered in Ulsan, South Korea. KSOE is a technology-led group
with world-class R&D and engineering capabilities focused on
shipbuilding and offshore.
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