REG - Ceres Power Holdings - Ceres and Shell sign agreement for green hydrogen

Ceres Power HoldingsAnnouncement

28/06/2022 07:00

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RNS Number : 3714Q  Ceres Power Holdings plc  28 June 2022

28 June 2022

Ceres Power Holdings plc

 

Ceres and Shell sign agreement for green hydrogen

 

·    Megawatt scale demonstrator to be located in Bangalore, India

·    Aim to deliver low-cost green hydrogen for industrial decarbonisation

 

 

Horsham, UK:  Ceres Power Holdings plc ("Ceres", the "Company") (AIM:CWR), a
global leader in fuel cell and electrochemical technology, is pleased to
announce that it has signed an agreement with Shell to deliver a megawatt
scale solid oxide electrolyser (SOEC) demonstrator in 2023.

 

Shell and Ceres are building this partnership to utilise SOEC technology to
deliver high-efficiency, low-cost green hydrogen; now widely viewed as a
credible route to decarbonise hard-to-abate parts of the energy system that
rely on fossil fuels today.

 

Shell is targeting to become a net-zero energy business by 2050, by reducing
emissions from its operations and from the fuels and other energy products it
sells to its customers. Ceres aims to produce hydrogen at efficiencies around
20% greater than other technologies, in the range of mid-80s to 90% efficiency
where it is possible to make use of waste heat in industrial processes to
drive high efficiency.

 

Ceres has committed £100 million for the development of its SOEC technology -
with the aim of achieving a market-leading levelised cost of hydrogen of
$1.5/kg by 2025. The agreement with Shell aligns with Ceres' business strategy
and provides a pathway to the commercialisation and development of new
markets.

 

The system will be installed at Shell's research and development technology
centre in Bangalore, India, where the hydrogen will be used in industrial
processes on site. The testing programme is intended to run for at least three
years, forming the first stage of a collaborative relationship. The Bangalore
technology centre is a key part of Shell's focus on innovation and technology
with the potential to provide cleaner energy solutions.

 

 

Phil Caldwell, Chief Executive of Ceres commented: "Today's announcement with
Shell is a hugely important step for Ceres. The partnership endorses our
business strategy and signals the potential of our SOEC technology to deliver
low-cost green hydrogen for industrial decarbonisation at the scale and pace
needed to reach net zero."

 

Yuri Sebregts, EVP Technology, Shell: "Shell's Powering Progress strategy sets
a clear ambition for Shell to be a leader in the energy transition and
accelerate our journey to become a net-zero emissions energy business by 2050.
Hydrogen features heavily in that strategy. Ceres, with their differentiating
SOEC technology, have the potential to produce Hydrogen at an optimum cost and
efficiency profile. The pilot and collaboration with Ceres are a step forward
in maturing this promising technology towards industrial scale."

 

Ends

 

 

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

 

 Ceres Power Holdings plc                      Tel: +44(0)7932 023 283

 Elizabeth Skerritt

 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

 FTI Consulting (Financial PR)                 Tel: +44 (0)203 727 1000

 Dwight Burden                                 Email: ceres_power@fticonsulting.com (mailto:Ceres_power@fticonsulting.com)

 

 

 

About Ceres Power

 

Ceres is a world-leading developer of electrochemical technologies: fuel cells
for power generation, electrolysis for the creation of green hydrogen and
energy storage. 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 Korea, to develop systems and products that address climate change
for power generation, 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.

 

 

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