Market Overview

Ceres Wins £7m UK Funding to Support Electric Vehicle Application with Nissan

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Ceres 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") for
this project.

Highlights:

  • Nissan, Ceres Power and TWI to enter into a new partnership to further
    develop fuel cell technology for EV application
  • Ceres Power will receive £7 million funding and TWI will receive £1
    million funding from APC as part of an overall £19 million programme
    over c. 3 years
  • New partnership builds on the successful Joint Development with Nissan
    over the past 2 years and sees Ceres Power accelerating
    commercialisation of its SteelCell® fuel cell technology in automotive
    markets
  • This comes soon after Ceres Power's recent announcement of a strategic
    partnership with China's Weichai Power to develop its technology for
    China's fast-growing electric powered bus market

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, test 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 & 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
"This latest
announcement is testament to the strength of our relationship with
Nissan, with whom we have already made significant strides in range
extension technology over the past two years. We are grateful for the
support from the APC and UK Government. The SteelCell® is now setting
the standard for solid oxide fuel cell technology around the world.
This
year we have delivered on our commercial objectives and we continue to
target an additional broad strategic collaboration in 2018."

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.

About Ceres Power
Ceres Power is a fuel cell technology and
engineering company whose aim is to bring cleaner and cheaper energy to
businesses, homes and vehicles. We are working with world-leading
partners to embed our SteelCell® technology in mass-market energy
products for multiple applications globally. For further information
please visit: http://www.cerespower.com/

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