20 June 2019
CERES POWER TECHNOLOGY IN MIURA CO FUEL CELL PRODUCT
LAUNCH IN JAPAN
· 4.2 kW Combined Heat and Power product using Ceres Power's SteelCell® technology set to launch in October 2019, targeting the commercial building sector in Japan
· Ceres Power's first product launch resulting from successful partnership with Japan's Miura Co, first announced in December 2016
Ceres Power (AIM: CWR), the developer of SteelCell®, a world-leading, low cost Solid Oxide Fuel Cell (SOFC) technology, and Miura Co., Ltd, Japan's leading industrial boiler manufacturer, are today announcing a first fuel cell product launch using Ceres technology.
This new fuel cell system is a 4.2kW combined heat and power unit (CHP) targeting the commercial building sector in Japan. The units will provide both clean energy and hot water to commercial buildings, in a highly efficient and low carbon manner. Japan is one of the most advanced markets in the world for fuel cells and a key target market for Ceres. The joint statement with Miura is included below.
The product launch is the culmination of a collaboration between Ceres and Miura first announced as an unnamed partner on 19 December 2016. It follows a successful joint development programme based on Ceres' SteelCell® SOFC technology. Field trials in Japan are underway with first commercial launch expected with a select number of customers from October 2019. Volumes are expected to grow thereafter.
This first market-ready product launch is fully in line with Ceres Power's strategy, and delivers against all the target milestones announced in 2016, from initial technology transfer, to product development and now product launch.
The launch highlights the core elements of Ceres' business model, focused on multi-year development partnerships with global OEMs, to jointly develop products using Ceres Power's technology. Ceres receives license fees for the initial use of the system technology ("technology transfer"), engineering fees during product development and royalties upon commercialisation. In addition to its work in Japan with Miura, Ceres also has significant partnerships with Bosch and Weichai and expects to be able to announce further commercial progress in due course.
Phil Caldwell, CEO of Ceres Power said:
"This product launch with Miura, a first for Ceres, is another important commercial milestone and continues our track record of successfully working with leading Japanese companies. Japan is an exciting market for the SteelCell®, where awareness of the advantages of full cell technology is high. The Japanese government has a clear hydrogen strategy and fully recognises the important role of fuel cells in the vision for realising a low carbon future."
MIURA TO LAUNCH NEW CHP FUEL CELL PRODUCT FOR THE COMMERCIAL BUILDING SECTOR IN JAPAN
Miura Co., Ltd. is pleased to announce the market launch of a new fuel cell system (FC-5B) in October 2019.
The new fuel cell system is a 4.2kW combined heat and power product (CHP) targeting the commercial building sector in Japan and was developed in partnership with Ceres Power in the UK. The units will operate on mains gas supply and provide both clean energy and hot water to commercial buildings, in a highly efficient and low carbon manner. The systems will also provide businesses with greater certainty of supply, as commercial users can access the electricity and hot water the unit produces from the existing city gas supply even during power outages, thereby aiding business continuity.
In order to realise the potential of distributed energy, Miura has been working on system development for solid oxide fuel cell (SOFC), which benefits from particular advantages over other kinds of fuel cell technologies due to its high electrical efficiency and durability. Miura launched the first model of a SOFC system FC-5A and this Product is new model with several improvements including a higher electrical efficiency of 50% net AC (LHV)**. By capturing the exhaust heat as hot water, the overall efficiency of the system reaches 90% meaning users can benefit from both an energy saving and a lower carbon footprint.
This is the product of a partnership with Ceres Power. Based in UK, Ceres Power is a leading developer of Solid Oxide Fuel Cell (SOFC) technology. Ceres Power's SteelCell® enables a highly durable SOFC stack which is manufactured using standard processes and conventional materials such as steel. Together with Miura's capability in thermofluid engineering, mechanical design and system integration, the partnership has resulted in the development of a highly efficient and reliable FC-5B SOFC system.
Fuel cell technology generates clean electricity from a chemical reaction of hydrogen and oxygen. Hydrogen can be produced by a variety of methods using either conventional fuels or renewable energy sources and can play a crucial role in reducing the environmental footprint of many power applications. The FC-5B will run off readily available natural gas.
Given its importance to the energy supply chain, the Japanese Government published "The Basic Hydrogen Strategy" in 2017 and "The Strategic Road Map for Hydrogen and Fuel Cells" in 2019 to show the vision of a "Hydrogen Society" and the role of hydrogen in a cleaner energy future.
In addition to fuel cell vehicle and fuel cells for household, the deployment of stationary fuel cells in commercial and industrial building sector is another area of focus for the Japanese government's strategy.
Miura will keep working for energy efficiency and low environmental footprint.
For further information please contact:
Investec Bank plc - Nominated Adviser and Broker
Jeremy Ellis / Patrick Robb / Richard Short / Alexander Ruffman
+44 (0)20 7597 4000
Berenberg - Joint Broker
Ben Wright / Mark Whitmore
+44 (0)20 3207 7800
Peter Ogden / James White / Niall Walsh
+44 (0)20 7250 1446
Ceres Power Holdings plc
Phil Caldwell, CEO
Richard Preston, CFO
+44 (0)1403 273 463
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.
Notes to Editors
About Ceres Power
Ceres Power 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® 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 Power offer its partners the opportunity to develop power systems and products using its unique SteelCell® technology and know-how, combined with the opportunity to supply the SteelCell® in volume through its manufacturing partners. For further information please visit: http://www.cerespower.com/
About Miura Co
MIURA CO., LTD is Japan's leading industrial boiler manufacturer. With the aim of fulfilling its corporate mission of "contributing to creating a society that is environmentally friendly and ways of living that are clean and comfortable through our work in the field of the Energy, Water, and Environment," the MIURA Group has established a global sales and maintenance network that comprises boilers, water treatment equipment, food equipment, medical equipment, environmental equipment, and other products. For further information please visit: http://www.miuraz.co.jp/en/