Ceres Power signs new OEM Evaluation Agreement

2 February 2016

Ceres Power Holdings Plc

("Ceres Power", "Ceres" or the "Company")

CERES POWER SIGNS NEW OEM EVALUATION AGREEMENT FOR MULTI kW SYSTEMS

Ceres Power, a world leading developer of low cost, next generation fuel cell technology, is pleased to announce that it has signed a new evaluation agreement for its Steel Cell Technology with a leading global Original Equipment Manufacturer (OEM).

Under this agreement Ceres will deploy a complete Steel Cell system for a period of rigorous testing. Under the terms of an additional MoU, if the testing proves successful the two parties intend to enter into a Joint Development of a multi kW system.

This agreement builds on the advancements in the Steel Cell technology power density and efficiency which Ceres announced on 2 December 2015 and places the Company's technology firmly into the higher power application space.

Phil Caldwell, Chief Executive of Ceres Power commented:

"There is a growing demand for low carbon distributed power due to increasing pressure on conventional power generation. We are now developing high efficiency power systems which provide superior performance to the grid in terms of efficiency and emissions and enable power to be generated at the point of need in the home or business. We are continuing to deliver against our strategy of establishing the Steel Cell as the platform of choice for the future power products of the world's leading companies."

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.

www.cerespower.com

ENDS