Ceres Power's Chinese strategic partner Weichai's launch of a stationary power solid oxide fuel cell (SOFC) demonstrates a commitment to its partnership with the UK firm, believes broker Peel Hunt.
The ceremony was to announce that the system, which uses Ceres' technology, had passed the EU "CE" certification of the international testing body TÜV SÜD, added the broker, noting that under test at Weichai's fuel cell industrial park the system has been running for more than 30,000 hours.
“While we await the completion of the creation of the 3-way China JV between Ceres, Bosch and Weichai, we believe this public showing of SOFC systems (using Ceres technology) demonstrates Weichai's commitment to the partnership,” said the broker, which has a 650p price target on AIM-listed Ceres.
Shares today were up 3% at 455p.