REG - Ceres Power Holdings - RFC Power JDA for long-duration energy storage

Ceres Power HoldingsAnnouncement

11/11/2021 07:00

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RNS Number : 0244S  Ceres Power Holdings plc  11 November 2021

CWR.L

 

11 November 2021

 

Ceres Power Holdings plc

 

Ceres forms strategic collaboration with RFC Power for long-duration energy
storage

 

 

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 a joint development and equity agreements with RFC
Power limited ("RFC"), a long-duration energy storage company.

 

RFC is an early stage company that has a strategy to develop the world's
lowest cost flow battery - a hybrid between a fuel cell and a battery that
decouples power from energy. It is a unique and novel technology, which was
spun out of Imperial College London in 2017, with a patented hydrogen
manganese chemistry promising low cost, high round-trip efficiency and an
extremely long cycle-life.

 

Long-duration energy storage technologies, such as hydrogen and
flow-batteries, have an important role to play in decarbonising the energy
system towards a net zero future. Ceres has been in discussions with the RFC
team for some time and Mark Selby, Chief Innovation Officer of Ceres, will now
join RFC's Board. He will leverage Ceres' expertise and experience in
licensing technology to support the commercialisation of RFC's intellectual
property.

 

Mark also represented Ceres in Glasgow this week for the official launch of
the Long Duration Energy Storage (LDES) Council. Formed of 24 founder members
including energy tech, end-user and investor organisations, the LDES Council
is targeting ~10% of all energy being stored in greater than eight-hour
storage technologies, requiring 85-140TWh of deployed capacity, to achieve
grid net-zero by 2040.

 

Phil Caldwell, Chief Executive Officer of Ceres: As a licensing business
committed to delivering clean energy for a net zero future, it is imperative
that alongside delivering our fuel cell and hydrogen electrolysis business, we
continue to drive innovation to create future value, both through investment
in our own technology and partnering in new areas such as energy storage,
which are aligned with our purpose."

 

Tim von Werne, CEO of RFC Power said: "Energy storage is a critical component
of the transition to a low carbon energy system. This partnership with Ceres
Power will accelerate RFC's technology development and enable us to bring our
long duration energy storage technology to market at the pace required to meet
this global demand.  We are delighted to welcome Mark Selby to our Board as
we start this next phase of our commercial progress."

 

The joint development agreement will aim to improve and accelerate RFC's
technology through the use of Ceres' capabilities in electrochemistry and
device engineering. In exchange for the work done, Ceres will receive an 8.4%
shareholding in RFC. Ceres has the opportunity to assess RFC's technology in
this period and if the technology proves compatible to Ceres' strategy, Ceres
has a 12 month option to acquire the balance of the outstanding share capital
in the company for up to £25 million. This comprises a 50% initial payment on
exercise and a 50% deferred payment based on commercial success, both payable
in Ceres shares.

 

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

 Madano (Financial PR)                         Tel: +44 (0)7808 885 557/ +44 (0)7584 770 776

 Harry Spencer/ Lewis Popplewell

 

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.

 

About RFC Power (www.rfcpower.com (https://www.rfcpower.com/) )

 

RFC Power specialises in developing novel flow battery chemistries for energy
storage systems. The core activities of RFC Power are the chemistry, cell
architecture and the optimisation of flow battery stack components.  RFC
Power is working with partners to build and market its storage systems making
use of existing production facilities, supplier networks and economies of
scale. The company was spun out from Imperial College's Departments of
Engineering and Chemistry by the institution's innovation arm in 2017.

 

About the LDES Council (https://www.ldescouncil.com/
(https://www.ldescouncil.com/) )

 

The LDES Council is a global, CEO-led organization that strives to accelerate
decarbonization of the energy system at lowest cost to society by driving
innovation, commercialization and deployment of long duration energy storage.
 The LDES Council provides fact-based guidance and information to
governments, industry and broader society, drawing from the experience of its
members, which include leading energy companies, technology providers,
investors and end-users.

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