22nd Mar 2016 11:38
LONDON (Alliance News) - Ceres Power Holdings PLC on Tuesday said it is the leader of a consortium which will be granted GBP772,000 from technology strategy board Innovate UK and the Office for Low Emission Vehicles.
Ceres, which develops fuel cell technology, said it will lead a team which includes a global automotive company, to trial its steel cell technology with a view to extending the range of electric light commercial vehicles.
The funding is part of a GBP38 million fund from OLEV and Innovate UK which intends to develop ideas to cut vehicle emissions and make plug-in vehicles drive further.
Ceres will be allocated GBP573,000 of the GBP772,000 granted to the consortium.
"This is our second partnership announcement this year in line with our stated strategy to embed our Steel Cell technology into a variety of different power products with the world's leading companies," Chief Executive Phil Caldwell said in a statement.
Shares in Ceres were trading up 8.4% at 5.91 pence on Tuesday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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