Ceres Power Regulatory News (CWR)

15 Aug 2005 07:00

Ceres Power Holdings plc15 August 2005 British Gas signs deal with Ceres Power: fuel cell boiler to provide home heat and electricity August 15, 2005: British Gas is to work on a commercial development programmewith Ceres Power Holdings plc ("Ceres Power" or the "Company") to providedomestic boilers that produce electricity as well as heat. Powered by fuel cells, the revolutionary new boilers have the potential todramatically reduce household energy bills and cut carbon dioxide emissions. The two companies have signed a heads of agreement to determine how theworld-leading fuel cell developed by Ceres Power can be packaged into a completecombined heat and power ("CHP") unit that will provide household electricity aswell as heat for hot water and central heating. The Ceres Power fuel cell will use natural gas already piped into the home. Itgenerates both heat and electricity when fuel is passed across its surface, andit has already undergone many thousands of hours of successful testing. A cube of cells, each about the size of a CD case but wafer-thin, will form theheart of a new generation of home boilers. Ceres Power CEO Peter Bance said: "The insight British Gas can provide into therequirements of home owners will be invaluable in helping us tailor the designfor mass-market application." Mr Bance added: "This important commercial agreement brings together aworld-leading, high-tech UK growth company and the country's largest energysupplier. Our ultimate goal is to enable people to have a highly efficient,extremely safe and environmentally-friendly miniature power station in theirhomes, saving them money on their energy bills and enhancing Britain's energysecurity." Dominic Shorrocks, Director of New Growth, British Gas Home Services, said: "Making green energy a reality is a core part of our strategy. Fuel cell-poweredboilers will make far more effective use of hydrocarbons than a conventionalboiler and will help our customers save money." For further information contact: Peter Bance, Chief Executive, Ceres Power Ltd: +44 (0) 1293 400404 Allan Piper, First City Financial Public Relations: +44 (0) 20 74367486 +44 (0) 7736 064 982 About Ceres Power Ceres Power is targeting a range of global market applications includingresidential CHP, stand-alone generators and auxiliary power units for transport. Critically, the technology uses low cost materials and existing massproduction techniques. And unlike many fuel cells, the Ceres Power cell can runon natural gas and bottled gas as well as hydrogen. The Company received major recognition for its green credentials when it becamethe 2003 winner of the prestigious Carbon Trust Innovation Award. More recentlythe Company secured the industry's top accolade by winning the Institute ofMaterials, Minerals and Mining's Gold Medal for 2005. Since its formation in 2001, Ceres Power has raised over £25 million of fundingthrough two rounds of private equity and its AIM IPO in November 2004. TheCompany has many blue chip City institutions as financial backers includingFidelity, Morley, Cazenove, and Jupiter. This information is provided by RNS The company news service from the London Stock Exchange