28th Jun 2016 12:11
LONDON (Alliance News) - Ceres Power Holdings PLC on Tuesday said it has finalised all agreements in relation to the consortium that will be granted GBP772,000 from technology strategy board Innovate UK and the Office for Low Emission Vehicles.
This comes three months after Ceres first announced that it will be leading a team which includes car manufacturer Nissan Motor Manufacturing (UK) Ltd and laser micromachine manufacturer M-Solv Ltd, to trial Ceres's steel cell technology with a view to extending the range of electric light commercial vehicles.
All agreements in relation to the funding and partnership have now been finalised, Ceres said, and it will be allocated GBP573,000 of the GBP772,000 granted to the consortium.
"We are delighted to be working with Nissan and M-Solv to enable an all-electric vehicle with a longer range and shorter refuelling time and to help cut vehicle emissions globally. In addition, this project broadens the applications for Ceres Power's SteelCell into the automotive industry as well using alternative fuels such as biofuels," said Chief Executive Phil Cadwell.
Shares in Ceres were trading up 8.7% at 9.26 pence on Tuesday.
By Hannah Boland; [email protected]; @Hannaheboland
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