RCS - Ceres Power Holdings - Doosan to develop Ceres-based marine SOFC system

Ceres Power HoldingsAnnouncement

10/11/2020 07:00

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RNS Number : 8032E  Ceres Power Holdings plc  10 November 2020

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.

 

Ends

 

 

For further information visit www.ceres.tech (http://www.ceres.tech) or
contact:

 

 Ceres Power Holdings plc                         Tel: +44 (0)7884 654 179

 Patrick Yau

 Investec Bank PLC (NOMAD & Joint Broker)         Tel: +44 (0)207 597 5970

 Jeremy Ellis / Patrick Robb / Ben Griffiths

 Berenberg (Joint Broker)                         Tel: +44 (0)203 207 7800

 Ben Wright / Mark Whitmore

 Powerscourt                                      Tel: +44 (0)20 7250 1446

 Peter Ogden / James White

 
 

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.

 

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