CWR.L

8 March 2022

Ceres Power Holdings plc

Ceres and HORIBA MIRA partner to accelerate hydrogen and fuel cell technologies

·    Agreement marks a major investment in UK green hydrogen economy

·    State-of-the-art fuel cell and electrolysis test facility to be developed at HORIBA MIRA's West Midlands site

·    Expands Ceres' test capacity, supporting delivery of clean technology at scale and pace to its global partner base

Horsham, UK: Ceres Power Holdings plc ("Ceres", the "Company") (AIM: CWR.L), a global leader in fuel cell and electrochemical technology, announces that it has signed a long-term agreement with HORIBA MIRA, Europe's leading engineering and testing consultancy, to expand the UK's delivery of new fuel cell and hydrogen technology to international markets.

Ceres selected HORIBA MIRA and the wider HORIBA group to be its fuel cell and electrolysis test partner and supplier of next-generation test stands after extensive market review.  The partnership combines best-in-class UK expertise to serve global markets with clean technology solutions at scale.

HORIBA MIRA's Testing-as-a-Service draws on 75-years of history in engineering testing, validation, and certification as well as active participation in the development of international regulatory frameworks for new technologies. This testing service offer is an enabler for HORIBA MIRA's customers seeking the rapid maturation of emerging carbon-zero technologies.

The multi-million-pound agreement will see the development of a new and state-of-the-art 240m² test facility at HORIBA MIRA's headquarters, along with additional agreements to develop next-generation testing infrastructure to support Ceres' core technology and system development, resulting in new and valuable high skill employment opportunities.

In addition to the new testing facilities at HORIBA MIRA, the scope of works also spans the design, manufacture and certification of fuel cell testing systems, known as test stands, by the wider HORIBA group, in order that Ceres can deploy testing into international markets with solutions that are locally compliant.

By bringing together high growth technology and trusted testing, Ceres will be able to expand its global operations and position itself at the forefront of the international hydrogen economy

Phil Caldwell, Chief Executive Officer at Ceres commented: "Ceres is making a significant investment in the UK, aligned with the Government's hydrogen strategy and principles. The new centre and collaboration with HORIBA MIRA will accelerate our high growth technology through trusted testing, supporting delivery to our global partnership base and expansion into new markets."

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About Ceres Power

Ceres is a world-leading developer of electrochemical technologies: fuel cells for power generation, electrolysis for the creation of green hydrogen and energy storage. 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 for power generation, 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.