5 September 2019
CERES POWER HOLDINGS PLC
CERES POWER AND WEICHAI POWER DEVELOP FIRST RANGE EXTENDER BUS PROTOTYPE
Ceres Power (AIM: CWR, "Ceres Power", "Ceres"), a world leading developer of next generation fuel cell technology and Weichai Power ("Weichai"), one of the leading automobile and equipment manufacturing companies in China, are pleased to announce they have completed the development of a first prototype range extender for Chinese electric buses.
Following a successful technology transfer and the licensing of system-level technology from Ceres to Weichai Power, the combined team has produced a first prototype 30kW SteelCell® Solid Oxide Fuel Cell ("SOFC") range extender system, which met the required technical performance criteria, for demonstration in an Electric City bus utilising widely available Compressed Natural Gas ("CNG") fuel.
This marks the completion of the initial Joint Development Agreement ("JDA") between Ceres and Weichai, the first step in the collaboration first announced in May 2018 and cements a strong working relationship between the two companies.
Ceres and Weichai are now focused on developing the next stage system to go on bus field trials in 2020.
Following these field trials, Weichai and Ceres intend to establish a fuel cell manufacturing joint venture in Shandong Province in 2020, China to manufacture SteelCell® SOFC systems.
Phil Caldwell, CEO of Ceres Power said:
"The production of this first prototype marks a key development milestone in our relationship with Weichai following the strategic partnership we announced in May 2018. China is the world's fastest growing market for fuel cells and the electric powered bus sector has particularly significant potential as part of this broader growth. Our focus now is on developing and trialing the technology further in 2020 and to establish a high-volume manufacturing JV alongside Weichai in Shandong Province in order to best serve the Chinese market."
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For further information, please contact:
Ceres Power Holdings plc
Phil Caldwell, CEO
Richard Preston, CFO
Tel: +44 (0)1403 273 463
Investec Bank plc (Nominated Adviser and Broker)
Jeremy Ellis / Patrick Robb / Richard Short
Tel: +44 (0) 20 7597 4000
Berenberg (Joint Broker)
Ben Wright / Mark Whitmore
Tel: +44 (0) 20 3207 7800
Peter Ogden/James White/Oliver Norgate
Tel: +44 (0) 207 250 1446
About Ceres Power
Ceres Power (http://www.cerespower.com/) 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 such as natural gas and future fuels such as Hydrogen at high efficiency. The SteelCell® is manufactured using standard processing equipment and conventional materials such as steel, meaning that it can be mass produced at an affordable price. Ceres Power offers its partners the opportunity to develop power systems and products using its unique technology and know-how, combined with the opportunity to supply the SteelCell® in volume through manufacturing partners.