Doosan/Hyundai develop Ceres technology for marine

18 March 2021

Ceres Power Holding plc

DOOSAN ANNOUNCES JOINT DEVELOPMENT WITH

HYUNDAI HEAVY INDUSTRIES FOR AN SOFC MARINE SYSTEM

·    Doosan Fuel Cell has signed a memorandum of understanding (MOU) with Korea Shipbuilding & Offshore Engineering, a shipbuilding division of Hyundai Heavy Industries, to jointly develop a solid oxide fuel cell (SOFC) system that provides cleaner power for ships

·    This system will be based on Ceres' proprietary SOFC stack technology

·    Marine applications could represent a significant expansion of Doosan's future SOFC business, in addition to its established stationary power market

Horsham, UK: Ceres Power Holdings plc ("Ceres", the "Company") (AIM:CWR), a global leader in fuel cell and electrochemical technology, and Doosan Fuel Cell Co. Ltd ("Doosan") announced a strategic collaboration and licence agreements in October 2020, with a commitment to build a 50MW facility initially for the mass manufacture under licence of Ceres' fuel cell stacks in South Korea.

Today, Doosan announces that it has signed an MOU for the joint development of a megawatt class SOFC system for eco-friendly marine propulsion and power generation with Korea Shipbuilding & Offshore Engineering, a division of the world's largest shipbuilding company Hyundai Heavy Industries. 

Doosan will design and manufacture the system for ships utilising Ceres' SOFC technology, evaluating stability and developing system control technology. Korea Shipbuilding & Offshore Engineering will lead on designing the fuel cell arrangements specific to the marine environment and developing ship-linked system control technology.  The two companies will conduct joint research and development in the shipbuilding and offshore fields for marine demonstration in the future.

This announcement continues the expansion of Doosan's business into the marine market and reflects the wider growth of Ceres' technology into new markets, a key driver of the fundraising completed this morning totalling £181 million in new growth capital.  Shipping today accounts for over 2% of global greenhouse gas emissions and SOFC is one of the most promising clean energy technologies to support the 50% reduction in emissions by 2050, from 2008 levels, mandated by The International Maritime Organization.

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

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 South 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 Fuel Cell Co., Ltd (www.doosanfuelcell.com)

Doosan Fuel Cell Co., Ltd. was founded after its spin-off from Doosan Fuel Cell BG in October 2019 and is the global stationary fuel cell market leader. Doosan Fuel Cell is committed to developing and supplying efficient clean stationary fuel cells to satisfy the Korean government renewable energy plan, and is focused on shaping the hydrogen future.

Korean Shipbuilding & Offshore Engineering (www.ksoe.co.kr/en/)

Korean Shipbuilding & Offshore Engineering is a division of Hyundai Heavy Industries, the world's largest shipbuilding company headquartered in Ulsan, South Korea. KSOE is a technology-led group with world-class R&D and engineering capabilities focused on shipbuilding and offshore.