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Latest Results and Commercialization of the Ceres Power SteelCell® Technology Platform

Ceres Power continues to acquire commercial partners for its low-temperature metal supported SOFC technology (the 'Steel Cell®') based predominantly around the use of ceria. Over the last year, the latest Version 5 iteration of the core SteelCell® technology has completed verification and has been released to customers. This technology iteration offers higher power, the ability to operate at higher fuel utilisation/efficiency and state-of-the-art performance and degradation rates, whilst retaining the outstanding robustness to thermal cycling, vibration and REDOX cycling characteristic of SteelCell technology.Major commercial developments include the signing of strategic collaboration agreements with both Robert Bosch in Germany, and Weichai Power in China. Both agreements involve a license, funded joint development activities and significant equity investment in Ceres Power. There has also been continued progress with our existing customers all around the world. To meet the rapidly increasing demand for cells for customer programs, Ceres has invested in a larger manufacturing site near Redhill, UK, targeting >2MW production capacity by YE19.