23rd Feb 2005 07:01
Ceres Power Holdings plc23 February 2005 Ceres Power Holdings plc ("Ceres" or the "Company") Ceres receives major government backing through £1.9 million contract Ceres, the AIM-quoted fuel cell company, is pleased to announce that it has beenawarded a £1.9 million contract from the UK's Department of Trade & Industry(DTI) as part of the government's commitment to support the development oflow-carbon technologies. This contract highlights Ceres' leading position inthe alternative energy industry. The programme, where Ceres is leading a consortium of other contributors, willhelp the Company explore fuel cell stack and system designs which may helpfurther reduce manufacturing costs and deliver more compact, lightweightcommercial solutions. Chief Executive Peter Bance said: "As a high growth UK company exploitingleading edge energy technology offering significant environmental and economicbenefits, we have enjoyed major government support up to the highest levels.The widespread commercialisation of our fuel cells could offer substantial CO2reduction, fuel savings leading to reduced reliance on imports and help torelieve the strain on the electricity grid - all critical government objectives." Since winning the Carbon Trust's Innovator of the Year Award in 2003, Ceres hasbeen described by Prime Minister Tony Blair as a "world leader", while EnergyMinister Mike O'Brien said the company is "at the forefront of the race to makefuel cells a commercially viable technology." The award of this contract follows Ceres raising £21.6 million through itsNovember 25th 2004 listing on AIM in addition to two prior rounds of privateequity funding totalling £10 million over the course of the previous 3 years. Ceres has also been the recipient of a total of five grants from the DTI and theCarbon Trust which have contributed to the acceleration of its R&D programme. For further information contact: Peter Bance, Chief Executive, Ceres Power: +44 (0) 1293 400 404Allan Piper: First City Financial Public Relations: +44 (0) 20 7436 7486 +44 (0) 7736 064 982 Jag Mundi, Corporate Finance, Numis Securities +44 (0) 207 776 1500 www.cerespower.com Ticker symbol: CWR This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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