23 September 2021

Ceres Power Holdings plc

Appointment of Caroline Hargrove as Chief Technology Officer

Mark Selby becomes Chief Innovation Officer

Horsham, UK: Ceres Power Holdings plc ("Ceres", the "Company") (AIM:CWR), a global leader in fuel cell and electrochemical technology, is pleased to announce the appointment of Caroline Hargrove as Chief Technology Officer (CTO) effective from 25 October 2021. Mark Selby, the current CTO, will move to a newly created position as Chief Innovation Officer (CIO).

Caroline, who has served as a Non-executive Director of Ceres since September 2018, will step down from the plc Board on the same date and join the Executive Management board. It is the Board's intention to appoint a new independent Non-executive Director in due course.

Caroline has extensive experience in growing and managing technical teams in fast moving innovative environments and commercialising new technologies across a range of high growth sectors and applications. These include as a founding member and CTO of McLaren Applied Technologies, set up to exploit F1 technologies in other markets, CTO of Babylon Health and most recently as CTO at Zedsen, a medtech start-up.  She started her career as a lecturer in Engineering at Cambridge University.

Mark Selby joined Ceres in 2006 and has played a pivotal role in establishing the Company as a global technology leader in the fuel cell industry.  In his new position as Chief Innovation Officer, Mark will provide leadership for Ceres on innovation of new technologies beyond the established solid oxide portfolio. Mark is stepping away from the fulltime operational CTO role to focus his efforts on developing new and future opportunities for Ceres, building the team and relationships to make this happen. This new role represents an exciting step in Ceres' evolution to grow the range of opportunities to pursue, aligned with its purpose of providing clean energy technology to meet the challenge of climate change.

Phil Caldwell, Chief Executive Officer of Ceres, commented:

"Mark has led tirelessly on all aspects of the strategy and delivery of Ceres' SteelCell® technology development. This new role will leverage his considerable knowledge while providing the opportunity for him to focus on establishing future innovative technology.

"Caroline is an engineer with huge credentials and an expansive knowledge of exploiting technology commercially. I am delighted that she has agreed to join the company as an Executive. She brings unique skills and experience in leading digitalisation and managing high growth technology teams which will be invaluable for the next chapter of Ceres' development."

Caroline said of her appointment: "Working with Phil and the team over the past three years has convinced me that Ceres has the technology, the people and the commercial opportunities to make a meaningful contribution to the global energy transition. I look forward to building on the excellent platform that has been established and to contributing to the future growth and success of the business."

Caroline is a Fellow of the Royal Academy of Engineering, a Fellow of the IMechE, was Visiting Professor at Oxford from 2015 to 2018 and holds a PhD in Applied Mechanics from the University of Cambridge. She received a CBE for services to Engineering in 2020.  Caroline is currently a Trustee of the Sorrell Foundation's National Saturday Club, a charity that encourages teenagers from underprivileged backgrounds to consider careers in the creative industries.

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

About Ceres Power 

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.