World News – USA – Ceres Power Holdings plc: Bosch’s collaboration with Ceres is advancing towards mass production of SOFC systems with an initial capacity of 200 MW in 2024

HORSHAM, England and STUTTGART, Germany, Dec. . Jan. 7, 2020 / PRNewswire / – Ceres Power Holdings plc (« Ceres », the « Company ») (AIM: CWR. L), a leading provider of SOFC technology (Solid Oxide Fuel Cell), and the Bosch Group, a leading global provider of mobility solutions, industrial technology, consumer goods, and energy and building technology, today published a joint press release on the next phase of their strategic collaboration, shown at the end of this statement.

This announcement marks an important milestone in the close relationship between Ceres and Bosch and follows a successful prototype phase. Bosch is now preparing to begin series production of fuel cell systems with Ceres’ own SteelCell® SOFC technology in 2024. The aim is to achieve an initial annual production of around 200 MW in production facilities in Bamberg, Wernau and Homburg as well as at technical locations in Stuttgart-Feuerbach and Renningen. The value for Ceres from 2021 to 2023 is 23 million. GBP, of which c. £ 6m. are dependent on compliance with certain KPIs based on performance.

Bosch, who belongs to 17. 6% of the company’s equity and Ceres have been working closely together successfully since 2018 to develop and manufacture prototypes of fuel cell stacks. This announcement now marks the step towards mass production made possible by Bosch’s industrial know-how and is an important step towards securing Germany’s green future. Recognizing the role of fuel cells on the road to CO2 neutrality by 2050, Germany recently announced government support of 9 billion euros for hydrogen and other clean energy technologies to support the transition to decarbonising society.

Ceres anticipates initial production will meet demand for Bosch fuel cell systems, but could expand over time to meet growing global demand for SteelCell®-based stacks in multiple third-party systems. Bosch’s investment in Germany and its global presence, as well as Ceres’s recently announced partnership with Doosan in South Korea, now show a significant amount of planned production capacity for SteelCell® technology worldwide. This announcement provides further validation of the Ceres licensing business model as Bosch plans to scale from pilot production to mass production.

Phil Caldwell, CEO of Ceres Power, said: « We are delighted that our relationship with our trusted partner Bosch is growing, and we are confident that the combination of our innovative technology and Bosch’s expertise in industrial engineering will bring significant added value for us. « Both companies offer products that help address the challenge of climate change. « 

Dr. . Christian Fischer, member of the Bosch board of management responsible for the energy and building technology division, added: « We see the highly efficient solid oxide fuel cell as an essential element of a sustainable energy supply. To achieve this, we are bundling Bosch know-how from several corporate divisions. Together with our partner Ceres Power, we are now taking the next important step towards series production. « 

There will be an analyst call this morning at 9:00 a.m.. 00:00 CET regarding the announcement. To register your interest, please contact Powerscourt at ceres @ Powerscourt-group. com

Stationary fuel cell: Bosch plans to start production in full in 2024

Stuttgart, Germany / Horsham, Great Britain â ???? In 2024, Bosch, the provider of technology and services, intends to fully begin producing decentralized power plants based on solid oxide fuel cell technology (SOFC). hence the agreement to strengthen the alliance with Ceres Power. After a successful prototype construction phase, the two companies now want to advance the pre-commercialization process for stationary fuel cells. Bosch is aiming for an annual production capacity of around 200 megawatts for SOFC systems. This is enough to around 400. To supply 000 households with electricity. Bosch plans to produce the stationary fuel cell systems at its production sites in Bamberg, Wernau and Homburg as well as at its development sites in Stuttgart-Feuerbach and Renningen. and will invest hundreds of millions of euros by 2024.

One intended application of SOFC technology is in small, distributed, connectivity-enabled power plants that can then be used in cities, factories, retail and commerce, data centers and charging infrastructure for electric vehicles. Bosch estimates that the market for decentralized power generation will reach a volume of 20 billion euros by 2030. All in all, more than 250 Bosch employees are now working in this promising new area? 150 more than a year ago.

« We see the highly efficient solid oxide fuel cell as an essential element of a sustainable energy supply. In order to achieve this, we are bundling Bosch know-how from various corporate divisions, « says Dr. . Christian Fischer, member of the Bosch board of management, responsible for the energy and building technology business unit. « With stationary fuel cell systems, Bosch is building up a new business area in which development, manufacture, sales and service come from a single source, » continued Fischer. « Together with our partner Ceres Power, we are now taking the next important step towards series production. « 

Bosch and Ceres Power have been working together successfully in the field of developing fuel cells and fuel cell stacks since August 2018. Bosch was able to start prototype production of its first fuel cell systems in Germany as early as autumn 2019. In January 2020, the company acquired around 18 percent of the British company. The alliance has now been expanded to include the phases that will lead to series production in 2024. The agreements stipulate how Bosch will continue to use Ceres Power’s technology. « We are proud to have reached this milestone in cooperation with our important partner Bosch. By combining the innovative Ceres technology with the manufacturing expertise of Bosch, groundbreaking stationary fuel cell systems could be created that contribute to overcoming the global challenges of the energy transition, « says Phil Caldwell, CEO of Ceres Power. « We look forward to continuing our close collaboration with Bosch. « 

Ceres Power is a leader in the development of innovative solid oxide fuel cells and stacks. Bosch has an extensive technology license from Ceres Power and has been manufacturing fuel cells and stacks in-house since 2019. Pilot systems based on solid oxide fuel cells are already being successfully tested at various Bosch locations. The SOFC systems can already be operated with environmentally friendly biogas or natural gas. and are already hydrogen-compatible for the energy system of the future.

For cities with high energy requirements, SOFC systems can guarantee a sustainable power supply. without emissions of nitrogen oxides, particles and CO2. With an overall efficiency of more than 85 percent, the solid oxide fuel cell is clearly superior to any other energy converter.

The Bosch Group is a leading global provider of technology and services. The company employs around 400 people worldwide. 000 employees (as of 31. December 2019). . The company had sales of 77. 7 billion euros in 2019. The business activity is divided into four business areas: mobility solutions, industrial technology, consumer goods as well as energy and building technology. As a leading IoT provider, Bosch offers innovative solutions for Smart Homes, Industry 4. 0 and connected mobility. Bosch pursues a vision of mobility that is sustainable, safe, and exciting. The company uses its know-how in terms of sensor technology, software and services as well as its own IoT cloud to offer its customers networked, cross-domain solutions from a single source. The strategic goal of the Bosch Group is to make connected life easier with products and solutions that either contain artificial intelligence (AI) or were developed or manufactured with the help of it. Bosch is improving the quality of life worldwide with products and services that are innovative and arouse enthusiasm. In short, Bosch creates technology that is « invented for life ». « The Bosch Group includes Robert Bosch GmbH and its around 440 subsidiaries and regional companies in 60 countries. With sales and service partners, Bosch’s global production, engineering and sales network covers almost every country in the world. The basis for the future growth of the company is its innovative strength. Bosch employs around 72 people. 600 employees in research and development at 126 locations worldwide and around 30. 000 software engineers.

The company was founded in 1886 by Robert Bosch (1861–1942) in Stuttgart as a « workshop for precision mechanics and electrical engineering ». « The special ownership structure of Robert Bosch GmbH guarantees the entrepreneurial freedom of the Bosch Group and enables the company to plan for the long term and to make substantial upfront investments in securing the future. Ninety-two percent of the share capital of Robert Bosch GmbH is held by the non-profit Robert Bosch Stiftung GmbH. The majority of the voting rights are held by Robert Bosch Industrietreuhand KG, an industrial company. The entrepreneurial ownership functions are performed by the trust. The remaining shares are held by the Bosch family and Robert Bosch GmbH.

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