6 September 2016
Ceres Power Holdings Plc
("Ceres Power" or "the Company")
This announcement contains inside information.
CERES POWER TO TRIAL HOME POWER SYSTEMS IN THE UK
Ceres Power Holdings plc (AIM: CWR) is pleased to announce that it will begin trials of its prototype home power systems in the UK later this year. This will be supported by €600,000 of European funding, as it joins the ene.field fuel cell residential demonstration programme, the largest of its kind in Europe.
The systems are designed to generate around 80% of a typical UK home's power needs and all its hot water. It does this more efficiently than the existing UK grid, reducing the energy consumption and carbon emissions of a typical home by up to one third, and leading to cheaper fuel bills for the consumer. The home power system uses Ceres Power's unique Steel Cell technology which works with a conventional gas connection today, but is fuel flexible and could use bio-fuels or hydrogen in the future. The compact wall-mounted system can be easily integrated to run in conjunction with the home's existing heating system.
Ceres Power will be part of ene.field, the largest European demonstration of fuel cells in homes, with 26 companies deploying products across 11 European countries. These trials - which are being conducted with British Gas in the UK - will provide Ceres Power and its system development partners with valuable insight into the product requirements for the European market. The Company continues to build on its significant testing and development programmes in Japan, South Korea and the US with leading power system companies, which these trials complement.
Phil Caldwell, Ceres Power's Chief Executive Officer said:
"The potential for this technology to have a huge impact on power generation is well understood in other parts of the world, as our growing number of commercial partners demonstrates. I am delighted that we now have the chance to deploy our technology in the UK.
I am confident we can deliver clean and efficient power generation into UK homes and businesses, meaning lower fuel bills for British consumers and businesses alike."
Former Energy Secretary Amber Rudd, who visited the Company's headquarters in Horsham, added:
"It is great to see world class UK technology from a company such as Ceres Power joining this cross European programme with ene.field. Distributed generation using fuel cells will have a significant part to play in the overall energy mix going forward. Ceres Power is well placed to deliver a positive change in how we generate and distribute low carbon power in our homes and businesses across the UK and Europe."
For further information please contact:
Ceres Power Holdings plc
Phil Caldwell, CEO
Richard Preston, CFO
Tel: +44 (0)1403 273 463
Zeus Capital (Nominated Adviser and Broker)
Phil Walker/Andrew Jones
Tel: +44 (0) 20 3829 5000
Mike Bartlett/James Collins
Tel: +44 (0) 20 7920 3150
Notes to Editors:
About Ceres Power
Ceres Power (http://www.cerespower.com/) is a world leader in low cost, next generation fuel cell technology for use in distributed power products that reduce operating costs, lower CO2, SOx and NOx emissions, increase efficiency and improve energy security. The Ceres unique patented Steel Cell technology generates power from widely available fuels at high efficiency and is manufactured using standard processing equipment and conventional materials such as steel, meaning that it can be mass produced at an affordable price for domestic and business use.
Ceres offer its partners the opportunity to develop power systems and products using its unique Steel Cell technology and know-how, combined with the opportunity to supply the Steel Cell in volume through its manufacturing partners.
The ene.field project (http://enefield.eu) is the largest European demonstration of the latest smart energy solution for private homes: micro-CHP. It will see up to 1,000 households across Europe able to experience the benefits of this solution.
Fuel cell micro-CHP products have a higher power-to-heat ratio than conventional technology and are scalable, making them suitable also for future building concepts such as low-energy and passive houses. Experts estimate that, based on the expected electricity generation mix in 2020, a product of this type retrofitted to a typical family home will save between 21% and 40% of GHG emissions compared to a condensing boiler.
The demonstration project is a step change in the volume of fuel cell based micro-CHP units installed in homes across Europe. ene.field will allow house owners, installers and manufacturers to experience and evaluate the benefits of the smart energy solution which generates both heat and electricity providing comfort and service in private homes.
The ene.field project is co-funded by the European Commission's Fuel Cells and Hydrogen Joint Undertaking (FCH-JU) and brings together 26 partners, among whom are the 9 European manufactures which will make the products available across 11 European countries.
This information is provided by RNS