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Ceres Power rises as it signs development agreement with European original equipment manufacturer

Ceres Power also has strategic JDA partnerships with Honda, Nissan, Cummins and another global OEM
Ceres's SteelCell technology is a world-leading, low cost solid oxide fuel cell technology

Fuel cell technology company Ceres Power Holdings PLC (LON:CWR) has signed another joint development agreement with an original equipment manufacturer (OEM).

Ceres and the unnamed new partner will work together to develop prototype multi-kilowatt power systems for several potential applications.

READ: Ceres Power expects to post an 80% jump in first-half income, signs agreement with new OEM

Ceres noted this is the fifth co-development agreement it has signed in less than two years, and is the first step in considering a potential collaboration that could include joint system development, Solid Oxide Fuel Cell stack development and manufacturing.

"We set ourselves the target of securing five major development partners within two years and we've now achieved that by signing an agreement with another global player,” declared Phil Caldwell, the chief executive officer of Ceres.

READ: Ceres Power hails most successful year ever as fuel cell momentum builds

“We are continuing to attract some of the biggest names in the power systems and energy sectors, an endorsement not just of our technology and engineering expertise, but also of the significant potential of the SteelCell. Awareness in the technology, and Ceres's leading position is growing fast. This latest agreement sets us up for a strong 2018 as we continue to add new partners and progress existing relationships towards the commercialisation of our technology with the world's best companies," he added.

Shares were up 4.2% to 15p in afternoon trade.

--Updates for share price--


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