Ceres Power launches new version of steel cell technology platform

Ceres Power Holdings has launched the latest version of its V3 Steel Cell technology platform.

The fuel cell technology company said the new platform improves efficiency and power density to the point which enables Ceres to address high efficiency, power only applications for the commercial scale market, as well as significantly improving the economic case for the residential market.

Ceres said the increase in performance will allow it to tap into a more significant part of the distributed generation market, which is predicted to be worth around $200bn globally by 2020, with approximately $40bn coming from fuel cell power systems.

Chief executive Phil Caldwell said: “Our strategy is simple: to make our steel cell technology the platform for a range of distributed power generation products for every home and business.

“We have already seen high levels of early stage interest in higher power products from US, Korea and Japan. Having achieved this latest technical advance, we now expect to announce progress on a number of new partnerships in the near future."

At 1204 GMT, Ceres shares were 14% higher at 6.95p.