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Ceres Power Holdings Plc

Ceres Power PLC Power’s Steelcell Technology Makes Major Advancements + Zeus Comments

Ceres Power Holdings plc (LON:CWR) has today announced that the latest iteration of the SteelCell platform (version 4) has been released to customers on time and on budget, reinforcing the Company’s reputation for successfully executing against its technology roadmap. Higher power density and start-up timescales compatible with vehicle applications have been proven, making the platform increasingly commercially attractive in a growing number of markets (see video here: Technology Update)

Ceres Power’s existing and potential partners will benefit from SteelCell version 4, and with further exciting core technology developments on-going, the Company fully expects further improved iterations of the SteelCell platform to be released going forward. The net electrical efficiencies now being delivered led to an award from the US Department of Energy, which will see Ceres Power working with global power leader, Cummins, in the development of technology for the emergent data centre market (see release here: Ceres & Cummins).

Mark Selby, Chief Technology Officer at Ceres Power said: “A year ago Ceres Power committed to delivering SteelCell version 4, and the latest advancements successfully incorporated are testament to the team’s ability to execute. The primary objective to reduce manufacturing costs was achieved through removal of over 20% of the processing steps and improved material utilisation. The performance of the platform has been further improved to deliver in excess of 50% net electrical efficiency in prime power applications. Performance through 1000s of rapid hot/cold cycles has also been confirmed, to the point that compatibility with vehicle and genset applications is being demonstrated.”

Zeus Capital Say:

Ceres Power Holdings plc published an RNS reach today informing the market that the latest iteration (version 4) of its SteelCell platform has been released to existing and potential OEM commercialisation partners on time and on budget. The latest platform has increased power density, and delivers over 50% net electrical efficiency in prime ‘power only’ applications. Performance degradation rate, when subjected to 1000s of rapid hot/cold cycles, has been reduced to the point that performance compatibility with vehicle and genset applications is being demonstrated, which is excellent news for OEM partner programs in those markets, including those with Honda & Nissan. Manufacturing cost has also been lowered, with a 20% reduction in processing steps and improved materials utilisation achieved. This next generation platform release is another example of Ceres delivering on its technology roadmap, adding to management’s growing reputation for delivery, further strengthening investor confidence. Exciting core technology innovation and development continues in-house, and we anticipate further improved platform releases going forward. This is another positive announcement from Ceres in what has been an excellent year to date on all fronts for the company.