01 September 2021

Ceres Power Holding plc

DOOSAN ANNOUNCES SOFC INITIAL PRODUCT LAUNCH IS PLANNED FOR 2022

FOLLOWING SUCCESSFUL DEVELOPMENT OF HIGHLY EFFICIENT 10kW SYSTEM

Horsham, UK: Ceres Power Holdings plc ("Ceres", the "Company") (AIM:CWR), a global leader in fuel cell and electrochemical technology, is pleased to announce that its strategic partner in Korea, Doosan Corporation ("Doosan"), has completed the development of its 10kW solid oxide fuel cell (SOFC) system for buildings and houses. 

Doosan Corporation announced today in Korea that it has completed the development of the 10kW SOFC system and is planning a soft launch of the product commercially on a small scale in 2022.  The system, using two of Ceres' 5kW SOFC stacks, has delivered 40% higher power generation efficiency when compared with Doosan's existing PEM based technology.

The 10kW system is similar in size to existing 5kW SOFC products on the market in Korea, saving 50% on installation space and maintaining the equivalent power generation efficiency.  In Korea, the fuel cell market for commercial and residential properties is expanding because of a combination of zero-energy building certification, public institutions' mandatory renewable energy policy, and the local governments' mandatory private building renewable energy policy. 

Doosan Corporation Fuel Cell Power BU Head Kim Deok-hyeon said, "After internal testing, we can confidently say that the power generation efficiency of this product is among the highest in the world. We will lead the fuel cell market for buildings and houses through our products".

Phil Caldwell, chief executive of Ceres added: "This is another example of Ceres enabling the energy transition through embedding our unique technology in the products of world-class companies and reinforces our view that Korea will be a leading market for hydrogen and fuel cells."

This system design was the result of the joint collaboration between Ceres and Doosan that was announced in July 2019. In October 2020, Ceres and Doosan announced a further strategic collaboration and licence agreement with a commitment to build a 50MW facility initially for the mass manufacture under licence of Ceres' fuel cell stacks in Korea by 2024.  Today, Doosan added that since the technology development stage it has secured a domestic supply chain for this 10kW product and has laid the foundations for growth with domestic parts makers.

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About Ceres Power (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.

About Doosan Corporation (www.doosan.com)

Since its launch in 2003, Fuel Cell Power BU, which is in charge of Doosan Corporation's fuel cell business for buildings and housing, has secured a wide range of technologies from designing and manufacturing stacks and reformers, which are core fuel cell technologies, to system integration in-house manufacturing. Doosan Corporation announced that it has mainly produced PEMFC lineup such as 1kW, 5kW, 10kW building/housing hydrogen fuel cells, and 1kW to 100kW hydrogen systems, and has secured product diversity through this SOFC development.