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11 Mar 2014 07:00
11 March 2014
Ceres Power Holdings plc
("Ceres", "Ceres Power", or "the Company")
Ceres signs Joint Development Agreement with Cummins Power Generation Inc.
Ceres Power Holdings plc, a world leading developer of low cost, next generation fuel cell technology, is pleased to announce that it has signed a joint development agreement with Cummins Power Generation Inc. ("Cummins"), a wholly owned subsidiary of Cummins Inc.
Cummins Power Generation Inc. is a global provider of power generation systems, which range from small generators for residential use to larger power systems for markets such as critical protection and back-up power. Cummins Inc. is a global power leader with over US$17bn of revenues.
In the first stage of this agreement, Cummins and Ceres will work together on a non-exclusive basis, combining their complementary technical capabilities and market know-how with Ceres assuming responsibility for the Steel Cell fuel cell system technology and Cummins providing system integration expertise, focusing on the assessment of applications for Cummins' core markets of larger scale back-up power and prime power applications.
Further stages of the agreement could include Cummins and Ceres working together on system feasibility and the evaluation of potential development programmes with major end users and utilities, who are already expressing interest in using power systems incorporating Ceres' Steel Cell technology. Successful completion of this collaboration assessment agreement phase could lead to a broader cooperative system development program under a continuation agreement.
Phil Caldwell, CEO of Ceres Power, commented:
"We are very pleased to start working with a partner of the calibre of Cummins. Establishing a strategic relationship with Cummins enables us to explore further applications for our unique Steel Cell technology, particularly for the rapidly growing market for fuel cell generation for commercial applications in North America."
Robert Lee, Executive Director, Power Generation Strategy for Cummins Power Generation, commented:
"As a global leader in power generation, Cummins Power Generation is pleased to undertake this joint investigation with Ceres into Solid Oxide Fuel Cell technology as a potential new vehicle to provide our customers with the clean and efficient power they've come to expect from Cummins."
Enquiries:
Ceres Power Holdings plc Phil Caldwell, CEO Richard Preston, Finance Director | Tel. +44 (0)1403 273 463 |
Cummins Power Generation Craig Healy, Business Development Director - Fuel Cells
| Tel. +1 651 787 6040 |
N+1 Singer (Nominated Adviser and Broker) Andrew Craig / Ben Wright | Tel: +44 (0) 20 7496 3000 |
Tavistock Communications 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 leading developer of low cost, next generation fuel cell technology for use in decentralised energy products that reduce operating costs, lower CO2 emissions, increase efficiency and improve energy security. The Ceres unique patented Steel Cell technology operates on mains natural gas and is manufactured using standard manufacturing processes and conventional materials such as steel, meaning that it can be mass produced at an affordable price for domestic and business use.
www.cerespower.com
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