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Ceres Wins £7m UK Funding to Support Electric Vehicle Application with NissanCeres Power (AIM: CWR, "Ceres Power"), developer of the SteelCell®, a world-leading, low cost Solid Oxide Fuel Cell (SOFC) technology, is pleased to announce it has entered into a new partnership with Nissan to further develop fuel cell technology for EV applications. Ceres Power and The Welding Institute ("TWI") have been awarded a total of £8m UK government funding through the Advanced Propulsion Centre ("APC (News - Alert)") for this project. Highlights:
After a successful two-year Innovate UK funded development programme (EVRE - Electric Vehicle Range Extender), this project is the natural next step towards increased technology and manufacturing readiness for mass production of Ceres Power's SteelCell® for automotive applications. This project will involve the design, build, est and demonstration of a compact, robust, UK-produced SOFC stack, deployed within a Nissan designed fuel cell module suitable for operation with a variety of high efficiency fuel types (including biofuels). The UK Government's 'Road to Zero' strategy, which requires a significant reduction in CO2 emissions, is accelerating the shift to battery Electric Vehicles. Introducing fuel cell technology alongside batteries further enables increased drive range and has a significant role to play in the acceleration of the uptake of battery EVs. This latest announcement demonstrates Ceres Power's ability to bring its technology toward commercialisation through existing partnerships. The SteelCell® continues to attract world-class OEMs that are looking to develop an alternative to combustion engine technologies. Ceres Power has six strategic partners, including Cummins, Honda (News - Alert) & Nissan, two as yet unnamed partners and a recently confirmed strategic investment partner in Weichai Power, which is primarily for range extension technology in China's fast-growing battery-electric bus market.
Phil Caldwell, CEO of Ceres Power, said The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
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