Ceres Power Regulatory News (CWR)

26 Jan 2006 07:01

Ceres Power Holdings plc26 January 2006 Ceres Power Holdings Plc ("Ceres", "Ceres Power" or the "Company") Ceres Power selected to help shape UK's energy future Founder member of the country's public-private energy alliance AIM-quoted Ceres Power has been selected as the only fuel cell company in thegovernment's new Energy Research Partnership (ERP), launched yesterday. Chancellor Gordon Brown set up the ERP so that private and public funders ofenergy research can work together to identify a coherent national energy policy.It is chaired by the government's Chief Scientist Sir David King and co-chairedby E.ON Chief Executive Paul Golby. Ceres will work closely with key energy companies including BP, Shell, E.ON, ITIEnergy, Scottish & Southern Electricity, BNFL, Alstom, Mitsui Babcock andNational Grid, as well as public sector organisations including DEFRA, the DTIand the Carbon Trust. The inclusion of Ceres reflects government interest in microgeneration projectsto produce energy in the home, rather than in power stations. This approach ismuch more efficient, reducing valuable fossil fuel usage and carbon emissions,and simultaneously slashing energy bills for consumers. Ceres is working with British Gas to develop microgeneration products that runoff natural gas and other clean fuels. These produce hot water and heat like aconventional domestic boiler, but also create enough electricity to run numerous home appliances. Such "combined heat and power (CHP)" systems extract maximumenergy from fuel, and directly address the UK's current energy debate. Ceres Chief Executive Peter Bance, who will represent Ceres in the ERP, said: "We are delighted that Ceres' leading status in commercialising fuel celltechnology has led to our inclusion in this important partnership. We see it asa clear indication that fuel cell products running on natural gas are positionedto make an early and exciting contribution to energy and environmental savingsand are seen as a major solution by both government and industry." The key objectives of the ERP are to identify policy drivers, regulatorychanges, emerging technologies and new R&D areas that could result in materialcontributions to the UK's energy security, carbon emissions targets andsustainable economic growth. In April, the government is expected to launch its "Microgeneration Strategy"identifying home microgeneration as a major technology suited to mass marketup-take. About Ceres Power Ceres is a successful AIM-listed fuel cell business targeting a range of globalmarket applications including on-site/back-up generators, residential combinedheat and power, and auxiliary power units for transport. Critically, thetechnology uses low-cost materials and existing mass-production techniques. Andunlike many fuel cells, the Ceres cell can run on widely available fuels likeLPG, propane and natural gas as well as on hydrogen. The company received major recognition for its green credentials when it becamethe 2003 winner of the prestigious Carbon Trust Innovation Award. Morerecently, Ceres 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. For further information contact: Peter Bance, Chief Executive, Ceres Power: +44 (0) 1293 400 404Allan Piper: First City Financial Public Relations: +44 (0) 20 7436 7486 +44 (0) 7736 064 982 This information is provided by RNS The company news service from the London Stock Exchange