Last checked at 22 Mar 2016 07:04
22 March 2016
Ceres Power Holdings Plc
("Ceres Power", "Ceres" or "the Company")
CERES POWER wins funding for electric vehicle applications
Ceres Power Holdings plc (AIM:CWR) is pleased to announce that it is the leader of a consortium which will be granted £772,000, of which £573,000 is allocated to Ceres, from Innovate UK and The Office for Low Emission Vehicles (OLEV), as published on 21 March 2016 by the Government.
The Company will lead a team, which includes a global automotive company, to trial its Steel Cells with a view to extending the range of electric light commercial vehicles and will announce more details of this programme at a later date.
The funding, part of a £38 million fund from OLEV and Innovate UK, is intended to develop ideas to cut vehicle emissions and make plug-in vehicles drive further. It will be distributed to more than 130 companies and research centres across the country.
Phil Caldwell, Ceres Power's Chief Executive Officer said: "We have always said that our innovative Steel Cell technology has a range of potential applications and are delighted to lead on this exciting project to help cut vehicle emissions globally. This is our second partnership announcement this year in line with our stated strategy to embed our Steel Cell technology into a variety of different power products with the world's leading companies."
For further information please contact:
Ceres Power Holdings plc Phil Caldwell, CEO Richard Preston, CFO | Tel: +44 (0)1403 273 463 |
Zeus Capital (Nominated Adviser and Broker) Phil Walker / Andrew Jones |
Tel: +44 (0) 20 3829 5000 |
Tavistock Mike Bartlett/James Collins |
Tel: +44 (0) 20 7920 3150 |
Notes to Editors:
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 unique patented Steel Cell technology generates power from widely available fuels at high efficiency and is manufactured using standard processing equipment and conventional materials such as steel, meaning that it can be mass produced at an affordable price for domestic and business use.
Ceres offer its partners the opportunity to develop power systems and products using its unique Steel Cell technology and know-how, combined with the opportunity to supply the Steel Cell in volume through its manufacturing partners.
www.cerespower.com
About Innovate UK
Innovate UK is the UK's innovation expert. It works with people, companies and partner organisations to find and drive the science and technology innovations that will grow the UK economy - delivering productivity, new jobs and exports and keeping the UK globally competitive in the race for future prosperity. For further information and to stay updated on the latest news visit www.gov.uk/innovateuk, follow on Twitter at @innovateuk or subscribe to the YouTube channel at www.youtube.com/innovateuk.