11th Mar 2014 09:03
LONDON (Alliance News) - Ceres Power Holdings PLC said Tuesday it has signed a joint development agreement with a wholly-owned subsidiary of power firm Cummins PLC.
Ceres' shares jumped on the news, as the low-cost fuel cell technology firm said its agreement with Cummins Power Generation, a power generation systems provider, would see the firms work together on a non-exclusive basis to combine their technical capabilities.
The companies said further stages of the agreement could include a combined system feasibility project, as well development programmes with end-users and utilities, noting that successful completion of the initial joint venture could result in a broader co-operative development programme. Ceres said some companies have already expressed interest in using power systems incorporating Ceres' Steel Cell technology.
Phil Caldwell, CEO of Ceres said, "Establishing a strategic relationship with Cummins enables us to explore further applications for our unique Steel Cell technology, particularly for the rapidly growing market for fuel cell generation for commercial applications in North America."
No financial details of the agreement were released.
Shares in Ceres jumped in early trading, sitting as the second biggest gainer on the AIM market, up 19.39% at 7.438 pence per share.
By Alice Attwood; [email protected]; @AliceAtAlliance
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