8 July 2013
Appointment of Philip Caldwell as CEO of Ceres Power
Ceres Power Holdings plc (AIM: CWR.L) ("Ceres", "Ceres Power" or "the Company"), a developer of clean, efficient, cost-effective fuel cell technology, is pleased to announce the appointment of Philip Caldwell as Chief Executive Officer with effect from 2 September 2013.
Phil is currently Corporate Development Director at Intelligent Energy Limited, a rapidly growing privately-owned global company that specialises in the development of PEM fuel cell systems across multiple markets, where he has overseen revenue growth from £1.5 million to c. £44 million over the past six years.
In his role at Intelligent Energy, Phil is responsible for leading commercial and strategic business development activities in the automotive, stationary power and consumer electronics markets. He has a strong track record of securing OEM partners, executing licence deals and development agreements with sector-leading global companies. In particular, he was instrumental in establishing a joint venture with Suzuki Motor Corporation enabling manufacture of fuel cells under license in Japan.
Prior to joining Intelligent Energy in 2003, Phil was responsible for business development activities in the electrochemical technology division of ICI. He has a Masters degree in Chemical Engineering from Imperial College, London and is a Chartered Engineer. In 2001 Phil was awarded a Sainsbury's Management Fellow scholarship in association with the Royal Academy of Engineering to study an MBA at IESE in Barcelona, a leading international business school.
Alan Aubrey, Chairman of Ceres Power commented: "I am extremely pleased that Phil has decided to lead Ceres as its new CEO. He brings directly relevant experience to Ceres Power as the Company looks to create and develop OEM partnerships worldwide, specifically in Japan and South Korea in the short term. He has an excellent understanding of the fuel cell space and a great track record in increasing shareholder value by delivering commercial relationships."
Phil Caldwell commented: "I am delighted to be joining Ceres Power as Chief Executive Officer. I am excited by the truly global potential of its differentiated technology and the opportunity to lead the Company using my experience of building substantial commercial partnerships. The commercialisation of highly efficient fuel cell systems, which provide heat and power for the home, is already well underway in Japan and South Korea and the Ceres technology offers a next generation, robust, lower cost option for OEM partners to enable widespread adoption in these markets and beyond."
Steve Callaghan, who has assisted the Company during the restructuring and turnaround phase, shall remain a Non-Executive Director and, as part of his on-going role, will support Phil as required.
Disclosures under AIM Rule 17
Philip Joseph Caldwell, aged 43, is or has been a Director of the following companies during the previous five years:
Current Directorships: IE Japan Ltd, SMILE FC System Corporation
Directorships held within previous five years: IE CHP (UK & Eire) Ltd
There are no other matters which are required to be announced under AIM Rule 17.
Ceres Power Holdings plc
Alan Aubrey, Chairman
Richard Preston, Finance Director
Tel. +44 (0)1403 273 463
N+1 Singer (Nominated Adviser and Broker)
Andrew Craig / Ben Wright
Tel: +44 (0) 20 7496 3000
Notes to editors:
Ceres Power is a leading developer of clean, efficient, cost-effective fuel cell technology for use in decentralised energy products that reduce operating costs, lower CO2 emissions and improve energy security. These products use the Company's mass manufacturable technology platform, the Fuel Cell Module, based on the Company's unique patented intermediate temperature solid oxide fuel cell technology and operating on mains natural gas or in the future a range of other fuels. The Company is listed on the AIM market of the London Stock Exchange, and has facilities in Horsham and Crawley, UK, including a pilot-scale fuel cell manufacturing facility.