(Sharecast News) - Fuel cell and electrochemical technology company Ceres Power has signed an agreement with Shell to deliver a megawatt-scale solid oxide electrolyser demonstrator in 2023.
Ceres said on Tuesday that the SOEC system will be installed at Shell's research and development technology centre in Bangalore, India, where the hydrogen will be used in industrial processes on site.
The AIM-listed firm, which has committed £100.0m to the technology, stated the testing programme was intended to run for at least three years, forming the first stage of a collaborative relationship between the pair.
Chief executive Phil Caldwell said: "Today's announcement with Shell is a hugely important step for Ceres. The partnership endorses our business strategy and signals the potential of our SOEC technology to deliver low-cost green hydrogen for industrial decarbonisation at the scale and pace needed to reach net-zero."
As of 0815 BST, Ceres shares were up 4.01% at 596.20p.
Reporting by Iain Gilbert at Sharecast.com
Ceres Power (CWR)
Shell (SHEL)