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 £23 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."

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For further information visit www.ceres.tech or contact:

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 £20m investment from government alongside a further c.£10mfrom 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.