18th Jan 2016 10:20
LONDON (Alliance News) - Ceres Power Holdings PLC on Monday said it has signed a joint development agreement with Japanese auto giant Honda Motor Co Ltd's subsidiary Honda R&D Co Ltd to develop solid oxide fuel cell stacks.
The stacks will use Ceres' metal-supported steel-cell technology, and the agreement includes a third party, not named, which will consider the future mass production scale up of the steel-cell technology.
No financial details on the two-year deal were disclosed.
"This latest agreement with Honda represents a huge endorsement of our steel-cell technology, in the world's most advanced fuel-cell market. We are demonstrating that we can successfully deliver on our strategy of embedding our steel-cell technology into a variety of different power products and markets with the world's leading companies," said Ceres Chief Executive Phil Caldwell.
Shares in Ceres Power were up 10% at 4.75 pence Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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