Fuel cell technology specialist Ceres Power Holdings remains focused on supporting manufacturing partners scale-up production capabilities towards mass market launches in 2024.
The company yesterday (17th Feb) confirmed its growth plans, stating that it will continue to develop solid oxide electrolysis for green hydrogen production targeting industrial applications.
Despite the challenges caused by the global pandemic, the company had a strong 2020, having partnered with the likes of Doosan, Bosch, Weichai and AVL.
“The last 18 months have been one of the most important periods in our history. Bosch and Weichai made significant equity investments in the business, underlining their long-term confidence in our technology,” said Phil Caldwell, CEO of Ceres.
“On the supply side of our SteelCell® ecosystem we announced the scale up to an aggregate 250MW of manufacturing capacity for 2024, giving us visibility of high margin royalty revenues.”
“This was balanced on the OEM systems side with the AVL relationship, which should accelerate our systems licensing opportunities and create additional fuel cell stack demand for our manufacturing partners.”
“None of these major steps forward would have been possible without the ongoing professionalism of our people, who have found ways to work effectively during this challenging period. I would therefore like to thank them for their commitment in delivering another strong year for Ceres.”
“Their efforts position us well to support our existing customers and to harness the growing number of opportunities for our technology as nations around the world continue to promote their green initiatives.”