Ceres Power (AIM: CWR), developer of the SteelCell®, a world-leading, low cost Solid Oxide Fuel Cell technology, is pleased to announce it has signed a new Joint Development Agreement (JDA) with a significant European-based global OEM. Ceres and the new partner will work together to develop prototype multi-kilowatt power systems for several potential applications.
This strategic relationship, the fifth agreement Ceres has signed in less than two years, is the first step in considering a potential collaboration which could include joint system development, Solid Oxide Fuel Cell stack development and manufacturing.
In addition to this latest partner, a European-based global OEM, Ceres Power also has strategic JDA partnerships with Honda, Nissan, Cummins and a further global OEM. Ceres is working with these world-class companies to embed the SteelCell® technology into power systems for the Residential, Business, Data Centre and Electric Vehicle markets.
Phil Caldwell, CEO said:
We set ourselves the target of securing five major development partners within two years and we've now achieved that by signing an agreement with another global player. We are continuing to attract some of the biggest names in the power systems and energy sectors, an endorsement not just of our technology and engineering expertise, but also of the significant potential of the SteelCell®. Awareness in the technology, and Ceres' leading position is growing fast. This latest agreement sets us up for a strong 2018 as we continue to add new partners and progress existing relationships towards the commercialisation of our technology with the world's best companies.
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.