Doosan to develop Ceres-based marine SOFC system

10 November 2020

Ceres Power Holdings plc

DOOSAN ANNOUNCES PLANS TO DEVELOP CERES-BASED MARINE FUEL CELL SYSTEM

· Doosan Fuel Cell announces the signature of a Memorandum of Understanding with Navig8 for the joint development of a solid oxide fuel cell (SOFC) system that provides cleaner power for ships, enabling them to reduce carbon emisions and improve air quality

· This system will be based on Ceres' proprietary SteelCell SOFC stack technology

· Marine applications could represent a significant expansion of Doosan's future business for the Ceres SOFC technology beyond the established stationary power market

Horsham, UK: Ceres Power Holdings plc ("Ceres", the "Company") (AIM: CWR.L), a global leader in fuel cell and electrochemical technology, and Doosan Fuel Cell Co., Ltd ("Doosan") recently announced a strategic collaboration which includes the building of an initial 50MW manufacturing facility for the manufacture under licence of Ceres' fuel cell stacks in South Korea.

Today Doosan announces that it has signed a Memorandum of Understanding for the joint development of a solid oxide fuel cell system for marine propulsion and power generation with Navig8, a major shipping company headquartered in Singapore which operates 140 chemical and oil tankers globally. Doosan will develop and install a SOFC power and propulsion system in a 50,000 ton chemical tanker owned by Navig8 for as a pilot program for commercialization.

This announcement demonstrates Doosan's commitment to expanding its new SOFC business into new and innovative market applications outside stationary power markets. The maritime fuel cell is one of the most promising clean energy sources to reduce carbon emissions and improve air quality in the shipping industry which today accounts for over 2% of global greenhouse gas (GHG) emissions. The International Maritime Organization (IMO) has announced stronger regulations to cut emissions by 50% by 2050, compared with the 2008 level. Marine fuel cells will contribute to compliance with greenhouse gas emissions regulations in the industry, and Doosan's pilot program specifically targets meetings these new standards through reducing shipping industry GHG emissions.

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For further information visit www.ceres.tech or contact:

About Ceres Power (www.ceres.tech)

Ceres is a world-leading developer of next generation solid oxide fuel cell (SOFC) and electrochemical technology. Its asset-light, licensing model has seen it establish partnerships with some of the world's largest engineering and technology companies, such as Weichai in China, Bosch in Germany, Miura in Japan, and Doosan in South Korea, to develop systems and products that address climate change and air quality challenges for transportation, industry, data centres and everyday living. Ceres is listed on the AIM market of the London Stock Exchange ("LSE") (AIM: CWR) and is classified by the LSE Green Economy Mark, which recognises listed companies that derive more than 50% of their activity from the green economy.

About Doosan Fuel Cell Co., Ltd (www.doosanfuelcell.com)

Doosan Fuel Cell Co., Ltd. was founded after its spin-off from Doosan Fuel Cell BG in October 2019 and is the global stationary fuel cell market leader. Doosan Fuel Cell is committed to developing and supplying efficient clean stationary fuel cells to satisfy the Korean government renewable energy plan, and is focused on shaping the hydrogen future.

About Navig8 (www.navig8group.com)

Founded in 2007 and headquartered in Singapore, Navig8 is a fully integrated provider of shipping management services and the world's largest independent shipping pool and commercial management company. With a broad range of vessels and the largest member base, the Group's pools span the clean and dirty tanker, chemicals and dry bulk sectors.