Ceres Power Holdings plc has announced a long-term license agreement with Denso Corporation for the manufacture of Ceres' proprietary solid oxide electrolyser cells for hydrogen applications. This agreement secures another world-class OEM partner for Ceres, providing significant revenues over multiple years, including license fees, engineering services, hardware, and royalty payments on future commercial production and sale to end customers by Denso. Denso, a Fortune 500 company, aims to leverage its expertise in automotive system development to develop technology in the fields of hydrogen production. This partnership will enable Denso to produce Ceres' current and future generations of stack technology under license, in line with its aim to establish a hydrogen supply chain.

Phil Caldwell, CEO of Ceres, expressed excitement about the partnership, highlighting Japan's aim to generate investment in hydrogen worth 15 trillion yen over the next 15 years, with specific reference to hard-to-abate sectors. He emphasized that Ceres' solid oxide technology is particularly well-suited for sectors such as steel, ammonia, and synthetic fuel production, offering distinct competitive advantages. The company's strategy to collaborate with leading high volume manufacturing partners, located in regions where the energy transition has strong momentum, aligns with this latest partnership.

Ceres is a leading developer of clean energy technology, focusing on electrolysis for the production of green hydrogen and fuel cells for power generation. The company's asset-light, licensing model has seen it establish partnerships with some of the world's largest companies. Ceres' solid oxide technology supports greater electrification of energy systems and produces green hydrogen at high efficiencies as a route to decarbonize emissions-intensive industries such as steelmaking, ammonia, and future fuels. The company is listed on the London Stock Exchange and is classified by the LSE Green Economy Mark, recognizing listed companies that derive more than 50% of their activity from the green economy.

The announcement also includes information about an investor call and contact details for further information.