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Ceres Power Holdings Plc gets cash boost from UK govt

The AIM quoted fuel cell group is the leader of a consortium working on a project to extend the range of electric light commercial vehicles.
Ceres Power Holdings Plc gets cash boost from UK govt
Some £573,000 will be allocated to Ceres.

Ceres Power Holdings Plc (LON:CWR) has received a cash boost from the UK government via an initiative to support development of electric vehicles.

It is the leader of a consortium that will receive a £772,000 grant from the government’s Innovate UK and The Office for Low Emission Vehicles (OLEV).

Some £573,000 will be allocated to Ceres, it said.

Ceres told investors that it will lead a team, which includes a ‘global automotive company’, to trial he company’s Steel Cell units in electric light commercial vehicles with a view to extend their range.

"We have always said that our innovative Steel Cell technology has a range of potential applications and are delighted to lead on this exciting project to help cut vehicle emissions globally,” said Phil Caldwell, Ceres chief executive.

“This is our second partnership announcement this year in line with our stated strategy to embed our Steel Cell technology into a variety of different power products with the world's leading companies."

A total of £38mln is being awarded by Innovate UK and OLEV across some 130 companies. The investments are intended to help companies develop ideas aimed at cutting vehicle emissions and allow ‘plug-in’ vehicles to drive longer distances.

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Newswire
November 08 2016

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