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RNS Number : 0778A
Ceres Power Holdings plc
18 January 2024
18 January 2024
Ceres Power Holdings plc
("Ceres", the "Company")
Ceres signs first hydrogen licence with Delta
Horsham, UK: Ceres Power Holdings plc (CWR.L), a leading
developer of clean energy technology, and Delta Electronics
("Delta"), a global leader in power and thermal management
solutions, today make a joint press release on their collaboration,
which is shown in full at the end of this statement.
Ceres and Delta have signed a global long-term manufacturing
collaboration and licence agreement for both solid oxide
electrolysis cell ("SOEC") and solid oxide fuel cell ("SOFC") stack
production.
-- The agreement includes revenue of GBP43 million to Ceres
through technology transfer, development license fees, and
engineering services, of which approximately half is expected to be
recognised as revenue in 2024
-- There is potential for additional revenue from the sale of
Ceres development stacks to Delta
-- The agreement also includes royalty payments to Ceres on
future commercial production and sale to end customers by Delta
-- Technology introduction and factory construction will start
from 2024 and the initial production by Delta is expected to start
by the end of 2026
-- Delta provides solutions to customers worldwide, across a
myriad of sectors including chemicals, energy, transportation,
steel and more, with strong ambition for future scale up
Headquartered in Taiwan, Delta employs over 80,000 people across
approximately 200 facilities worldwide and is listed on the Taiwan
Stock Exchange with a market capitalisation of approximately US$23
billion. Delta's expertise in mass manufacturing, power electronics
and data centres for customers like Microsoft, has seen it
diversify into turnkey decarbonisation solutions and the
development of smart buildings, energy infrastructure, grid
balancing and energy storage for customers such as Tesla.
Phil Caldwell, CEO of Ceres commented, "It's great to announce a
new partnership today with Delta, a company with worldwide
expertise in mass manufacturing, power electronics and system
integration. We believe Delta can deliver efficient clean hydrogen
solutions for its customers utilising both our SOFC and SOEC
technologies. Green hydrogen has a key role to play in delivering a
more secure and sustainable future energy system and today we take
this first step towards what promises to be a strong collaboration
with Delta to accelerate the industry globally."
A call for investors will be held at 14.00 GMT regarding the
announcement. To register your interest in participating, please go
to:
https://www.investormeetcompany.com/ceres-power-holdings-plc/register-investor
.
Ends
For further information visit www.ceres.tech or contact:
Ceres Power Holdings plc Tel: +44(0)7932 023 283
Elizabeth Skerritt Email: elizabeth.skerritt@cerespower.com
FTI Consulting (Financial PR) Tel: +44 (0)203 727 1000
Dwight Burden / Ben Brewerton Email: ceres_power@fticonsulting.com
JOINT PRESS RELEASE
Delta Secures License to Hydrogen Energy Technology from
UK-listed Ceres to Develop its Fuel Cell and Electrolysis
Solutions
TAIPEI, January 18, 2024 - Delta Electronics, Inc. (hereinafter
referred to as "Delta"), a global leader in power and thermal
management and provider of IoT-based Smart Green Solutions, today
announced the signing of a long-term collaboration agreement, which
includes technology transfer and licensing, with Ceres Power
Limited, subsidiary of London Stock Exchange-listed Ceres Power
Holdings plc (hereinafter referred to as "Ceres") to access Ceres'
Hydrogen energy stack technology portfolio for approx. GBP43
million. Ceres is a global leader in solid oxide fuel cell and
electrochemical technology. Through this partnership, Delta expects
to integrate Ceres' energy stack technology with its own
industry-leading power electronics and thermal management
technologies to develop solid oxide fuel cell (SOFC) and solid
oxide electrolysis cell (SOEC) systems for hydrogen energy
applications, with production expected to start by the end of 2026,
with strong ambition for future scale-up. These SOFC and SOEC
systems are expected to enhance the capabilities of Delta's green
solutions for a myriad of sectors, such as, chemicals, energy,
transportation, steel and more.
Ping Cheng, Delta's CEO, said , "Hydrogen has high heating value
and zero CO2 emission potential characteristics, and thus, will
play a crucial role in the global transition towards net-zero.
Moreover, Hydrogen SOFC systems boast reliability and high
efficiency in electricity generation, making them ideal for
micro-grid applications, distributed power systems,
mission-critical facilities, such as data centers, semiconductor
production lines, and other advanced manufacturing. SOEC systems
will also play a key role in the chemical, utilities, and steel
industries as they are adopting green hydrogen to replace fossil
fuels in their manufacturing processes and operations. By
leveraging Ceres' expertise in solid oxide stack technology and our
industry-leading technologies in power and thermal management,
Delta will enrich its infrastructure solutions portfolio by
delivering high-efficiency SOFC and SOEC systems for our customers
worldwide, hence, further contributing to global carbon reduction
targets."
Phil Caldwell, CEO of Ceres added , "It's great to announce a
new partnership today with Delta, a company with worldwide
expertise in mass manufacturing, power electronics and system
integration. We believe Delta can deliver efficient clean hydrogen
solutions for its customers utilising both our SOFC and SOEC
technologies. Green hydrogen has a key role to play in delivering a
more secure and sustainable future energy system and today we take
this first step towards what promises to be a strong collaboration
with Delta to accelerate the industry globally."
In addition to licensing key energy stack technologies, Delta
will also establish a "Net-zero Science Laboratory" at its Tainan
manufacturing complex to develop cutting-edge zero-carbon
technologies, including hydrogen energy, and to enrich its own
R&D capabilities in related application fields. From 2024 to
2026, Delta expects to carry out product development and production
line integration at its Tainan plant with Ceres' engineering
service support. Production for the aforementioned technology is
expected to start by the end of 2026. Delta expects to further
integrate its diverse smart energy solutions, including microgrid
applications and energy management platforms, with these hydrogen
energy systems to provide a more comprehensive and flexible
low-carbon infrastructure offerings to its customers.
Ceres' stack technology is the core for both SOFC and SOEC. In
the application of SOFC, it can generate electricity, water and
heat by reacting oxygen with hydrogen or methane. Its power
generation efficiency, which is around 60% and can even reach 85%
with a heat recovery system, is significantly higher than the
efficiency of centralized gas-fired power generation units, which
are around 4050%. As SOFC can be built near places with electricity
demands, it is able to avoid power transmission loss and other
unexpected unstable factors during the transmission and
distribution process. Hence, it's highly suitable for facilities
that require stable power.
SOEC technology produces hydrogen up to 25% more efficiently
than incumbent low temperature technologies particularly when
thermally integrated with industrial processes. With electricity
coming from renewable sources, the technology can produce green
hydrogen, which would be optimal for the decarbonisation of various
industries, including steel and chemical, which are seeking to
replace the fossil-based materials in their processes to ultimately
reduce carbon emissions. Green hydrogen is also one of the key
ingredients to produce carbon-neutral e-fuels, with the support of
carbon capture technology for its carbon sources. E-fuels are
alternative energy sources for ICE vehicles, ships and aircrafts
under the net-zero transition.
Ceres, headquartered in Horsham, the UK and listed on the London
Stock Exchange since 2023, has been perfecting its solid oxide
technology for more than 20 years, with an industry-leading
position in fuel cell and electrochemical technology. Ceres
operates a licensing business model.
With global energy transition trends, it is expected that the
global demand for hydrogen will reach 223 Mt in 2030, and 630 Mt in
2050*. Hydrogen applications will play a crucial role in achieving
net zero targets.
*Note: Please refer to
IRENA_Global_hydrogen_trade_part_1_2022
Ends
About Delta
Delta, founded in 1971 and listed on the Taiwan Stock Exchange
(stock code: 2308), is a global leader in switching power supplies
and thermal management products with a thriving portfolio of smart
energy-saving systems and solutions in the fields of industrial
automation, building automation, telecom power, data center
infrastructure, EV charging, renewable energy, energy storage and
display, to nurture the development of smart manufacturing and
sustainable cities. As a world-class corporate citizen guided by
its mission statement, "To provide innovative, clean and
energy-efficient solutions for a better tomorrow," Delta leverages
its core competence in high-efficiency power electronics and its
ESG-embedded business model to address key environmental issues,
such as climate change. Delta serves customers through its sales
offices, R&D centers and manufacturing facilities spread over
close to 200 locations across 5 continents.
Throughout its history, Delta has received various global awards
and recognition for its business achievements, innovative
technologies and dedication to ESG. Since 2011, Delta has been
listed on the DJSI World Index of Dow Jones Sustainability(TM)
Indices for 13 consecutive years. In 2020 and 2022, Delta was also
recognized by CDP with double A List for its substantial
contribution to climate change and water security issues and named
Supplier Engagement Leader for its continuous development of a
sustainable value chain for 6 consecutive years.
For detailed information about Delta, please visit:
www.deltaww.com
Delta's Spokesperson:
Jesse Chou, Chief Sustainability Officer
Tel: +886-2-87972088 Ext: 5562
Media Contact:
Corporate Communications
Johnny Shih, Project Manager
Tel: 886-2-8797-2088 Ext: 5182
Mobile : +886-0922-820-302
E-Mail: johnny.shih@deltaww.com
About Ceres
Ceres is a leading developer of clean energy technology;
electrolysis for the creation of green hydrogen and fuel cells for
power generation. Its asset-light, licensing model has seen it
establish partnerships with some of the world's largest companies,
such as Bosch, Doosan, Shell and Weichai. Ceres' solid oxide
platform technology supports greater electrification of our energy
systems and produces green hydrogen at high-efficiencies as a route
to decarbonise emissions-intensive industries such as steelmaking,
cement and future fuels. Ceres is listed on the London Stock
Exchange ("LSE") (LSE: 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.
For further information visit www.ceres.tech or contact:
Ceres Power Holdings plc Tel: +44(0)7932 023 283
Elizabeth Skerritt Email: elizabeth.skerritt@cerespower.com
FTI Consulting (Financial PR) Tel: +44 (0)203 727 1000
Dwight Burden / Ben Brewerton Email: ceres_power@fticonsulting.com
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END
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