TIDMCWR
RNS Number : 4536F
Ceres Power Holdings plc
15 July 2019
15 July 2019
Ceres Power and Doosan sign Collaboration and Licensing
Agreement for Korean Market
-- Ceres and Doosan will work together to develop a Solid Oxide
Fuel Cell (SOFC) power system, for the commercial building
market
-- Agreement worth GBP8 million to Ceres over two years
-- South Korea is one of the world's leading fuel cell markets,
and Doosan is already one of the world's largest developers of fuel
cell power systems
Ceres Power (AIM: CWR, "Ceres Power", "Ceres"), a world leading
developer of low cost, next generation fuel cell technology and
Doosan Corporation ("Doosan"), have signed a Collaboration and
Licensing agreement to jointly develop SOFC distributed power
systems initially targeted at the Korean commercial building
market.
The joint press release is included below.
Doosan has established itself as a world leader in the fuel cell
industry and is now adding Solid Oxide technology to its existing
portfolio of fuel cell technologies. Doosan's existing stationary
fuel cell business exceeded 1 trillion won (c. $850 million) in
orders for the first time in 2018, three years after entering the
market.
The GBP8 million agreement is over two years and includes
licencing, technology transfer and engineering services (subject to
attainment of key milestones). Doosan will take a system-level
licence of Ceres' proprietary SteelCell SOFC technology to develop
a low carbon 5-20kW power system.
South Korea is one of the leading fuel cell markets in the world
and has been a core target market for Ceres. It benefits from a
supportive regulatory regime and ambitious long-term targets. The
South Korean government recently announced several initiatives to
promote increased use of renewable generation and hydrogen
technology and is targeting fuel cell manufacture for power
generation to reach an output of 15 GW by 2040, up from 300 MW
today.
Doosan and Ceres will also explore an expansion of the
collaboration to access broader applications within South Korea and
internationally as well as the potential to include
manufacturing.
Phil Caldwell, CEO of Ceres Power said:
"South Korea is a key market for us given their ambition to be a
world leader in hydrogen and fuel cells. Doosan have clearly
established themselves as the leader in this sector and are the
ideal partner for us to enter into the Korean market, adding to our
strategic partnerships with Weichai in China and Bosch."
An analyst call will be held this morning at 09.00AM GMT
regarding the announcement. For further information, please contact
Powerscourt at ceres@powerscourt-group.com
JOINT PRESS RELEASE
Doosan and Ceres Power sign collaboration to develop fuel cell
power systems
Seoul, South Korea and Horsham UK.
South Korea's Doosan and UK fuel cell technology specialist,
Ceres Power, have signed a collaboration agreement to jointly
develop highly efficient fuel cell power systems. Doosan, already a
world leader in the stationary fuel cell market, is now adding
solid oxide fuel cell (SOFC) technology to its fuel cell portfolio
through a system license for Ceres Power's world leading SteelCell
SOFC technology. Both parties have agreed to jointly develop a 5-20
kW low carbon power system for use in the commercial stationary
power market.
Doosan and Ceres intend to explore an expansion of the
collaboration to access broader applications within South Korea and
internationally as well as the potential to broaden the
collaboration to include manufacturing.
Both fuel cells and hydrogen have become a central part in South
Korea's energy transformation as they provide a stable and flexible
power supply that helps balance an increase in the intermittent
energy production from solar and wind power. The South Korean
government is targeting fuel cell power generation to reach 15 GW
by 2040 and has recently announced several initiatives to promote
increased use of both renewable power generation and hydrogen
technology.
Doosan's existing fuel cell business designs, engineers and
manufactures fuel cells for both commercial and industrial
applications. They are a world leader in stationary fuel cells and
surpassed 1 trillion won (c. US$850 million) in orders for the
first time in 2018, three years after they first entered the
market. Doosan announced in April 2019 that it intends to
separately list its fuel cell business in order to better
capitalise on the anticipated growth in the fuel cell sector.
Ceres Power is a world leader in low cost, next generation fuel
cell technology for use in distributed power products that reduce
operating costs, produce lower emissions, increase efficiency and
improve energy security. Ceres offers its partners the opportunity
to both develop power systems and products using its unique
technology and know-how and to supply the SteelCell(R) in volume as
manufacturing partners.
Commenting on the agreement, JH Seo Executive Vice President of
Technology Strategy at Doosan Corporation said:
"Doosan continues to invest and expand on our leading position
in the fuel cell sector. We are delighted to partner with Ceres
Power to jointly develop world-leading SOFC systems."
Tony Cochrane, Chief Commercial Officer at Ceres Power
added:
"Doosan's pedigree in the fuel cell sector is second to none and
we are honoured to be part of the future generation of Doosan's
products. South Korea has set ambitious growth targets for fuel
cell energy production and Doosan is the ideal partner for us to
address this huge opportunity."
- Ends -
For further information, please contact:
Ceres Power Holdings plc Tel: +44 (0)1403 273 463
Phil Caldwell, CEO
Richard Preston, CFO
Investec Bank plc (Nominated Adviser Tel: +44 (0) 20 7597 4000
and Broker)
Jeremy Ellis / Patrick Robb / Richard
Short
Berenberg (Joint Broker) Tel: +44 (0) 20 3207 7800
Ben Wright / Mark Whitmore
Powerscourt Tel: +44 (0) 207 250 1446
Peter Ogden/James White/Niall Walsh
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014. Upon the publication of
this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public
domain.
About Doosan
Doosan Corporation ("Doosan"), a South Korea-based industrial
company founded in 1896, has current operations in 38 countries and
has been a Fortune Global 2000 company since 2007. Doosan has fuel
cell businesses located in South Windsor, Connecticut and Seoul,
South Korea. Doosan's Fuel Cell Business Group designs, engineers
and manufactures fuel cells for commercial and industrial
applications. With its growing team, and focus on innovation and
technology leadership, Doosan's stated vision is to be the global
leader in the fuel cell industry.
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 Power unique patented SteelCell(R) technology
generates power from widely available fuels such as natural gas and
future fuels such as Hydrogen at high efficiency. The SteelCell(R)
is manufactured using standard processing equipment and
conventional materials such as steel, meaning that it can be mass
produced at an affordable price. Ceres Power offers its partners
the opportunity to develop power systems and products using its
unique technology and know-how, combined with the opportunity to
supply the SteelCell(R) in volume through manufacturing
partners.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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