Ceres Power Holdings PLC (LON:CWR) said one of its strategic collaboration partners, Doosan Fuel Cell, has agreed a joint development deal with Hyundai Heavy Industries, the world’s largest shipbuilder.
Doosan will work with Hyundai's Korea Shipbuilding & Offshore Engineering arm to jointly develop a megawatt-class solid oxide fuel cell (SOFC) system for eco-friendly marine propulsion and power generation based on Ceres’ SOFC stack technology.
Doosan will design and manufacture the system for ships utilising Ceres' SOFC technology, evaluating stability and developing system control technology, while KSOE will lead on designing the fuel cell arrangements specific to the marine environment and developing ship-linked system control technology.
The two companies have also agreed to conduct joint research and development in the shipbuilding and offshore fields for marine demonstration in the future.
Ceres said the announcement continues the expansion of Doosan’s business into the marine market and also reflected the wider growth of its own technology into new markets.
Shares in Ceres were 1.1% lower at 1,096p in early deals on Thursday, after the fuel cell and electrochemical technology specialist completed a £181mln fundraising at a slight discount to yesterday's closing price.