Plus   Neg

Ceres Power Signs Joint Development Deal With Japanese Firm; Stock Down

Shares of Ceres Power Holdings Plc (CWR.L) declined around 5 percent in the morning trading in London after the developer of low cost, next generation fuel cell technology announced Wednesday that it has signed a next stage Joint Development Agreement with a Japanese power systems company. The deal follows a successful period of extensive testing both in the UK and Japan during the past year.

The company noted that the non-exclusive agreement will enable them to combine their respective engineering and R&D expertise to produce a jointly developed Steel Cell SOFC stack using the cost-effective and robust Ceres Steel Cell technology.

The stacks will be supplied from Ceres manufacturing facility in the UK followed by system level testing in Japan. In parallel to the testing, the two companies will explore the potential business opportunities for both residential applications and generators.

Phil Caldwell, CEO of Ceres Power, said, "Japan is the leading market for fuel cell products and entering into this next stage following rigorous testing in Japan with one of the world's leading engineering companies is further validation of the Ceres Steel Cell technology. The Steel Cell offers a step change reduction in cost and cycle-ability over the SOFC technology used in the Japanese market today, making widespread commercialisation of this type of technology possible."

In London, Ceres shares were losing 4.48 percent, and trading at 8 pence.

For comments and feedback contact: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Shares of General Electric Co. are rising more than 10 percent on Thursday after the industrial conglomerate said it plans to establish a new, independent company focused on building a comprehensive Industrial Internet of Things or IIoT software portfolio. In addition, longtime bearish analyst Stephen Tusa of J.P. Morgan upgraded shares of GE to neutral. Apple Inc. said Thursday that it will invest $1 billion to build a new corporate campus in North Austin that will eventually create 15,000 jobs. Further, the tech giant announced plans to establish new offices and expand to over 1,000 employees each in three cities - Seattle, San Diego and Culver City, California. In January, Apple said it will create over 20,000 jobs over the next five years. German telecom giant Deutsche Telekom, Chinese conglomerate Alibaba's Alibaba Cloud, banking giant Citi and 13 other organizations have joined Hyperledger Blockchain project, an open source collaborative effort aimed to advance cross-industry blockchain technologies. Hyperledger, a project of The Linux Foundation that started less than three years ago, is a multi-project.
Follow RTT