RCS - Ceres Power Holdings - Doosan/Hyundai develop Ceres technology for marine

Ceres Power HoldingsAnnouncement

18/03/2021 07:50

RNS Number : 7000S
  
Ceres Power Holdings plc
  
18 March 2021
  
 

18 March 2021
 
Ceres Power Holding plc
 
DOOSAN ANNOUNCES JOINT DEVELOPMENT WITH
HYUNDAI HEAVY INDUSTRIES FOR AN SOFC MARINE SYSTEM
 
 
·    Doosan Fuel Cell has signed a memorandum of understanding (MOU) with Korea Shipbuilding & Offshore Engineering, a shipbuilding division of Hyundai Heavy Industries, to jointly develop a solid oxide fuel cell (SOFC) system that provides cleaner power for ships
·    This system will be based on Ceres' proprietary SOFC stack technology
·    Marine applications could represent a significant expansion of Doosan's future SOFC business, in addition to its established stationary power market
 
Horsham, UK: Ceres Power Holdings plc ("Ceres", the "Company") (AIM:CWR), a global leader in fuel cell and electrochemical technology, and Doosan Fuel Cell Co. Ltd ("Doosan") announced a strategic collaboration and licence agreements in October 2020, with a commitment to build a 50MW facility initially for the mass manufacture under licence of Ceres' fuel cell stacks in South Korea.
 
Today, Doosan announces that it has signed an MOU for the joint development of a megawatt class SOFC system for eco-friendly marine propulsion and power generation with Korea Shipbuilding & Offshore Engineering, a division of the world's largest shipbuilding company Hyundai Heavy Industries.  
 
Doosan will design and manufacture the system for ships utilising Ceres' SOFC technology, evaluating stability and developing system control technology. Korea Shipbuilding & Offshore Engineering will lead on designing the fuel cell arrangements specific to the marine environment and developing ship-linked system control technology.  The two companies will conduct joint research and development in the shipbuilding and offshore fields for marine demonstration in the future.
 
This announcement continues the expansion of Doosan's business into the marine market and reflects the wider growth of Ceres' technology into new markets, a key driver of the fundraising completed this morning totalling £181 million in new growth capital.  Shipping today accounts for over 2% of global greenhouse gas emissions and SOFC is one of the most promising clean energy technologies to support the 50% reduction in emissions by 2050, from 2008 levels, mandated by The International Maritime Organization. 
 
Ends
 
 
 
For further information visit www.ceres.tech or contact:
 



Ceres Power Holdings plc
Patrick Yau/ Elizabeth Skerritt


 


Tel: +44 (0)7884 654 179/ +44(0)7932023283




 
Investec Bank PLC (NOMAD & Joint Broker)
Jeremy Ellis / Patrick Robb / Ben Griffiths


 


 
Tel: +44 (0)207 597 5970




 
Berenberg (Joint Broker)
Ben Wright / Mark Whitmore


 


 
Tel: +44 (0)203 207 7800




 
Madano (Financial PR)
Michael Evans / Hoda Awad


 


 
Tel: +44 (0) 20 7593 4000



                                                                                 
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.
 
Korean Shipbuilding & Offshore Engineering (www.ksoe.co.kr/en/)
 
Korean Shipbuilding & Offshore Engineering is a division of Hyundai Heavy Industries, the world's largest shipbuilding company headquartered in Ulsan, South Korea. KSOE is a technology-led group with world-class R&D and engineering capabilities focused on shipbuilding and offshore. 
 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. 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.

Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non-regulatory nature. Reach announcements are identified with an orange label and the word “Reach” in the source column of the News Explorer pages of London Stock Exchange’s website so that they are distinguished from the RNS UK regulatory service. Other vendors subscribing for Reach press releases may use a different method to distinguish Reach announcements from UK regulatory news.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
  END
 
 
NRAJPMRTMTIBMRB