Ceres Power Holdings plc New Fuel Cell Manufacturing Facility Launched (2051D)
08 October 2018 - 5:00PM
UK Regulatory
TIDMCWR
RNS Number : 2051D
Ceres Power Holdings plc
08 October 2018
Ceres to launch new Fuel Cell Manufacturing facility in the
UK
-- Investment of GBP7 million over 2 years with creation of 60 new jobs in Redhill, Surrey UK
-- Manufacturing capacity of 2MW per year by end of 2019, expandable to 10 MW
-- New site to act as "lead plant" to provide near-term volume
and further develop processes to enable high volume manufacture
with international partners under license.
Ceres Power, a world leading developer of low cost, next
generation fuel cell technology, today announces a GBP7 million
investment in a new, state of the art manufacturing facility in the
UK which will be funded from existing cash resources. Ceres is
investing in manufacturing capacity to meet near-term demand from
its partners.
The new Redhill facility will expand Ceres' manufacturing
capacity significantly and this adds to its UK operations with its
nearby Horsham facility remaining as the headquarters and Technical
Centre. It will allow the Company to initially supply the
equivalent of 2 MW of fuel cells per year with the capacity to
expand to I0 MW to meet growing customer demand.
Ceres' strategy is to generate revenues through licensing its
technology to its partners in the development phase, and generate
royalties through manufacturing partners when full scale
commercialization is achieved, rather than be a large-scale
manufacturer itself. The need for additional interim capacity has
been driven by the increasing demand from the Company's partner
network of six major OEMs - which includes Nissan, Honda, Cummins,
Weichai Power and Bosch.
Ceres is currently working on several applications with OEM
partners including a range extender for electric buses with Weichai
Power, small power stations with Bosch, EV range extenders with
Nissan and data centre power with Cummins. These development
projects alone require a major increase in manufacturing capacity.
Ceres' new facility will therefore meet significant existing demand
for the SteelCell(R) from customers in the development phase and
also provide capacity for the early stages of commercial product
launch, whilst also serving as a proof of concept facility to
demonstrate how rapid scale up and low-cost manufacturing is
deliverable. This can then be duplicated on a larger scale by
future manufacturing partners growing from 10 MWs to 100MWs per
year capacity.
Commenting on the announcement, CEO Phil Caldwell said:
"I'm delighted to be investing in the UK to increase our
manufacturing capability and create new jobs in what should be a
key strategic sector for the UK. The UK is establishing itself as a
world leader in fuel cells with technologies such as the
SteelCell(R) growing in international reputation as evidenced by
our partnerships with Bosch, Weichai Power and Nissan."
James Falla, COO, commented:
"We are proud to be leading the way in bringing fuel cell
manufacturing into the mainstream, having already demonstrated the
ability to scale our processes from research and development to
high volume. This facility in Redhill achieves another commercial
scale-up milestone in separating R&D product development from
commercial production. The new manufacturing site will also show
that we can scale up to significant volumes efficiently in an
appropriate capital investment profile to match increasing customer
demand.
We look forward to working alongside our partners to meet demand
and refine the manufacturing processes here in the UK and scaling
this capability through our licensing partners worldwide."
For further information, please contact:
Ceres Power Holdings plc Tel: +44 (0)1403 273
Phil Caldwell, CEO 463
Richard Preston, CFO
Zeus Capital (Nominated Adviser Tel: +44 (0) 20 3829
and Broker) 5000
Andrew Jones / Dom King
Berenberg (Joint Broker) Tel: +44 (0) 203 207
Ben Wright / Mark Whitmore / Laure 7800
Fine
Powerscourt Tel: +44 (0) 20 7250
Peter Ogden / Niall Walsh 1446
About Ceres Power
Ceres Power (http://www.cerespower.com/) is a world leader in
low cost, next generation fuel cell technology for use in
distributed power products that reduce operating costs, lower CO2,
SOx and NOx emissions, increase efficiency and improve energy
security. The Ceres Power unique patented SteelCell(R) technology
generates power from widely available fuels at high efficiency and
is manufactured using standard processing equipment and
conventional materials such as steel, meaning that it can be mass
produced at an affordable price for domestic and business use.
Ceres Power offers its partners the opportunity to develop power
systems and products using its unique technology and know-how,
combined with the opportunity to supply the SteelCell(R) in volume
through manufacturing partners.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. 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.
END
MSCKDLFBVBFZFBV
(END) Dow Jones Newswires
October 08, 2018 02:00 ET (06:00 GMT)
Ceres Power (LSE:CWR)
Historical Stock Chart
From Apr 2024 to May 2024
Ceres Power (LSE:CWR)
Historical Stock Chart
From May 2023 to May 2024