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Ceres Power Holdings PLC

Ceres Power higher as it launches first fuel cell system in Japan

The system, developed in partnership with boiler maker Miura, will comprise a 4.2-kilowatt heat and power unit targeting Japan’s commercial building sector

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Field trials of the product are currently underway in Japan, with a commercial launch expected in October

Ceres Power Holdings PLC (LON:CWR) shares rose on Thursday as the firm said it has launched the first fuel cell system using its technology into the Japanese market as part of a partnership with boiler maker Miura.

The AIM-listed power cell maker said the system would comprise a 4.2-kilowatt heat and power unit targeting Japan’s commercial building sector.

WATCH: Ceres Power on track to see full year revenues more than double

Field trials are currently ongoing with a commercial launch expected among a select group of customers from October 2019, with volumes to grow thereafter.

The product launch is the culmination of a collaboration between Ceres and Miura that was originally announced in December 2016.

Phil Caldwell, the company’s chief executive, said the launch with Miura was an “important commercial milestone” for the firm and that Japan was an exciting market for the group due to its awareness of the advantages of fuel cell technology.

Ceres said it also expected to announce commercial progress in due course from its other significant partnerships with German engineering group Bosch and Chinese engine maker Weichai Power.

In early trading, shares in Ceres Power were 8% higher at 180p.

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Quick facts: Ceres Power Holdings PLC

Price: £1.98

Market: LSE
Market Cap: £302.48 m
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