This deal will create significant revenues for Ceres through licensing fees, royalty payments, engineering services and hardware over multiple years. The majority of the revenue generated will come through royalty payments on any hydrogen delivered to the end customers.

The aim is to target a module level of efficiency of less than 36kWh/kg and drive down the price, making it much more competitive as an alternative fuel/energy option in sectors such as heavy transportation.

This, according to Ceres, will help lead to the scale and speed of the development of new zero-emission technologies and help the company develop its fuel cell technologies for power generation and electrolysers for green hydrogen.

The 2023 strategic highlights include the second-generation stack design, offering performance improvements. Furthermore, a megawatt electrolyser demonstrator completed testing in Germany and has arrived at partner Shell’s R&D centre in Bangalore, India for further testing.

Costing GBP 100 million, the two-year demonstrator project of a one-megawatt SOEC system will be undertaken in 2024 at Bosch’s site in Stuttgart, with the aim of proving that the technology is both cost-effective and highly efficient in helping decarbonise industrial operations.

Ceres will be piloting a solid oxide electrolyser - which uses a ceramic as the electrolyte in the process of splitting water molecules to produce hydrogen gas - at Shell's R&D centre in Bangalore.

This partnership has many advantages, significant investment in the UK, the enablement of a state-of-the-art test facility to maintain Ceres’ technology leadership and support for our rapidly growing global partner base. We look forward to establishing a long-term partnership with HORIBA MIRA.

Ceres Power Holdings plc, based in Horsham, UK, and Weichai Power Co of Weifang, Shandong, have announced that they have signed a non-binding agreement with Robert Bosch Gmbh of Gerlingen, Germany, for the establishing of a three-way collaboration to deliver fuel cells to the Chinese market.

Ceres and RFC Power have entered a strategic partnership aiming to develop long-duration energy storage.

Ceres Power Holdings, based in Horsham, England, has announced the appointment of Caroline Hargrove to the position of Chief Technology Officer, and Mark Selby to the role of Chief Innovation Officer.

Fuel cell developer and electrochemical technology company, Ceres Power Holdings plc, reported strong half year results to December 31, 2019 with revenues and other income up 33.6% to GBP11m, reflecting strong progress on major contracts with Doosan, Bosch, Weichai and Miura Co.