Ceres Power signs development deal with Honda

Ceres Power Holdings has signed a new joint development agreement with Japan’s Honda to develop solid oxide fuel cell stacks using its metal-supported steel cell technology for a range of potential power equipment applications.

The joint development will also include a third party who will consider future mass production scale-up of the steel cell technology based on Ceres’ manufacturing processes.

Ceres, a developer of next-generation fuel cell technology, said the two-year agreement will allow the parties to build on the successful joint development agreement announced in 2014.

Chief executive Phil Caldwell said: “This latest agreement with Honda represents a huge endorsement of our steel cell technology, in the world's most advanced fuel cell market.

“We are demonstrating that we can successfully deliver on our strategy of embedding our steel cell technology into a variety of different power products and markets with the world's leading companies.”

At 1003 GMT, Ceres shares were up 10.2% to 4.75p.