Ceres Power and Honda Sign New Joint Development Agreement
LONDON--(Business Wire/Korea Newswire) January 19, 2016 -- Ceres Power Holdings PLC (AIM:CWR), is pleased to announce that it has signed a new Joint Development Agreement with Honda R & D Co Ltd (“Honda”) to jointly develop Solid Oxide Fuel Cell stacks using Ceres Power’s unique metal supported Steel Cell technology for a range of potential power equipment applications.
The Ceres Power and Honda joint development will also include a third party who will consider the future mass production scale-up of the Steel Cell technology based on Ceres Power’s manufacturing processes which represents an important advancement in the relationship.
This 2 year contract will allow the parties to build upon the successful previous Joint Development Agreement announced on 29 October 2014 and represents a deepening of the relationship between Honda and Ceres Power.
Phil Caldwell, Chief Executive of Ceres Power commented:
“This latest agreement with Honda represents a huge endorsement of our Steel Cell technology, in the world’s most advanced fuel cell market. We are demonstrating that we can successfully deliver on our strategy of embedding our Steel Cell technology into a variety of different power products and markets with the world’s leading companies. We look forward to continuing to work with Honda to meet their high standards for performance quality and supply.”
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.
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Mike Bartlett/James Collins
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