TIDMCWR
Ceres Power Holdings plc
15 September 2021
10.30 BST | 15 September 2021
Ceres Power Holdings plc
Ceres successful in two maritime consortia awarded UK
funding
Aimed at making zero-emission vessels a commercial reality by
the middle of the decade
Horsham, UK: Ceres Power Holdings plc ("Ceres", the "Company")
(AIM:CWR), a global leader in fuel cell and electrochemical
technology, has been successful in two separate projects that have
been awarded funding as part of the Clean Maritime Demonstration
Competition, run by the UK Department for Transport and delivered
in partnership with Innovate UK.
Transport Secretary Grant Shapps announced today that a total of
GBP23 million will be invested in 55 winning projects to accelerate
development, design and manufacture of zero-emission vessels in
British shipyards by 2025. The two projects in which Ceres is
involved will evaluate the most effective means to integrate Ceres'
solid oxide fuel cell (SOFC) technology in megawatt class cruise
ship applications, to reduce carbon emissions in the marine
sector.
-- Avoiding the hard cell - fuel cell integration into a large ship's power architecture
A consortium involving GE Power Conversion, MSC (Mediterranean
Shipping Company) and Lloyd's Register, will explore how best to
address the barriers to adoption of fuel cells in large ship
applications. It will examine how SOFCs can be integrated into a
ship's operational functionality and existing power and propulsion
architecture and layout, integration trade-offs, and will compare
the impact of using SOFC technology on ship functionality and in
reducing emissions.
-- Zero carbon base load power for large ships
Working with Carnival UK, the University of Southampton, Shell
and Lloyd's Register, this study will investigate the feasibility
of using Ceres' SOFC technology to replace the use of diesel
generators which are currently used in cruise ships to provide the
non-propulsion power requirements (typically 10MW units). This
project will evaluate the potential reduction in greenhouse gas
emissions and toxic pollutants, along with energy efficiency
improvement potential for an existing vessel design.
While still at feasibility stage, these two projects, both with
leading partners across the marine value chain, offer an important
route to the demonstration and commercialisation of Ceres'
technology in the marine sector. The International Maritime
Organization has mandated a 50% reduction in emissions by 2050,
from 2008 levels, and Ceres' SOFC technology provides a highly
differentiated solution with the potential to use existing and
future low and zero carbon fuels such as e-methanol, green ammonia
and hydrogen.
Today's news follows the announcement in March from Doosan Fuel
Cell that it has signed a memorandum of understanding with Korea
Shipbuilding & Offshore Engineering, a shipbuilding division of
Hyundai Heavy Industries, to jointly develop a system that provides
cleaner power for ships based on Ceres' proprietary SOFC stack
technology.
Phil Caldwell, Chief Executive of Ceres said: "Solid oxide fuel
cells are one of the most promising clean energy technologies to
support the decarbonisation of an industry that today accounts for
over 2% of global greenhouse gas emissions. We are pleased to be
partnering with world-class companies as part of the Clean Maritime
Demonstration Competition and to see the UK taking a leading role
in the decarbonisation of the global shipping industry."
Simon Edmonds, Deputy Executive Chair and Chief Business Officer
for Innovate UK said: "As the UK prepares to host COP26 in the
maritime city of Glasgow, it is great that we can announce funding
for these fantastic projects in the maritime sector that will help
the UK meet its net zero goals. From this competition we saw a very
high level of demand, we have seen the very best of British ideas
from all over the country. It is clear that not only does the UK
have a great maritime history, but also a bright and greener future
too."
Ends
For further information visit www.ceres.tech or contact:
Ceres Power Holdings plc
Elizabeth Skerritt / Patrick Yau Tel: +44(0)7932 023 283 / +44
(0)7884 654 179
Investec Bank PLC (NOMAD & Joint
Broker) Tel: +44 (0)207 597 5970
Jeremy Ellis / Patrick Robb / Ben
Griffiths
Berenberg (Joint Broker)
Ben Wright / Mark Whitmore Tel: +44 (0)203 207 7800
Madano (Financial PR)
Harry Spencer / Hoda Awad Tel: +44 (0) 7808 885 557/ +44
(0)207 593 4014
About the Clean Maritime Demonstration Competition
The 'Zero carbon base load power for large ships' and 'Avoiding
the hard cell - fuel cell integration into a large ship's power
architecture' projects are part of the Clean Maritime Demonstration
Competition, funded by the Department for Transport and delivered
in partnership with Innovate UK.
Announced in March 2020, and part of the Prime Minister's Ten
Point Plan to position the UK at the forefront of green
shipbuilding and maritime technology, the Clean Maritime
Demonstration Competition is a GBP20m investment from government
alongside a further c.GBP10mfrom industry to reduce emissions from
the maritime sector. The programme is supporting 55 projects across
the UK, including projects in Scotland, Northern Ireland and from
the South West to the North East of England. As set out in the
Clean Maritime Plan (2019), Government funding has been used to
support early stage research relating to clean maritime. The
programme will be used to support the research, design and
development of zero emission technology and infrastructure
solutions for maritime and to accelerate decarbonisation in the
sector.
About Ceres (www.ceres.tech)
Ceres is a world-leading developer of next generation solid
oxide fuel cell (SOFC) and electrochemical technology. Its
asset-light, licensing model has seen it establish partnerships
with some of the world's largest engineering and technology
companies, such as Weichai in China, Bosch in Germany, Miura in
Japan, and Doosan in Korea, to develop systems and products that
address climate change and air quality challenges for
transportation, industry, data centres and everyday living. Ceres
is listed on the AIM market of the London Stock Exchange ("LSE")
(AIM: CWR) and is classified by the LSE Green Economy Mark, which
recognises listed companies that derive more than 50% of their
activity from the green economy.
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