(Alliance News) - Ceres Power Holdings PLC shares rose on Tuesday after it said that it had signed a "multi-million-pound" agreement with Horiba Mira Ltd to help expand the deployment of Ceres hydrogen and fuel cell technologies into international markets.
Ceres hares were up 8.2% at 717.50 pence each on Tuesday morning in London. The company has a market capitalisation of GBP1.16 billion.
Ceres did not provide the exact value of the agreement.
The Horsham, England-based fuel cell and electrochemical technology firm selected Horiba Mira to be its fuel cell and electrolysis test partner and supplier of next-generation test stands. Horiba Mira has a testing-as-a-service offering.
Under the agreement, the companies will develop a new 240 square meters test facility at Horiba Mira's headquarters in the West Midlands, with additional agreements to develop next-generation testing infrastructure to support Ceres' core technology and system development.
In addition to the new testing facilities at Horiba Mira, the firms will work on designing, manufacturing and certifying fuel cell testing systems, also known as test stands, so that Ceres can deploy testing into international markets.
"By bringing together high growth technology and trusted testing, Ceres will be able to expand its global operations and position itself at the forefront of the international hydrogen economy," the company said.
Ceres Chief Executive Phil Caldwell added: "The new centre and collaboration with Horiba Mira will accelerate our high growth technology through trusted testing, supporting delivery to our global partnership base and expansion into new markets."
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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Ceres Power (CWR)