Energia
Ceres Power and Doosan Expand Strategic Collaboration With Mass Manufacturing in South Korea
The value of the announced contract with Doosan Fuel Cell to Ceres will be £30 million over 3 years with an additional £7 million contingent on meeting agreed KPIs. It includes a global non-exclusive license to manufacture Ceres' solid oxide fuel cell stacks with technology transfer and joint development and also includes agreed royalty streams upon the commencement of production and commercial sale of 5kW SteelCell® stacks. The contracts with Doosan Corporation are worth £6m to Ceres for the long-term testing, sales and integration of stacks for higher power systems targeting utility scale applications..
Doosan has established itself as a world-leader in the stationary fuel cell market with annual sales of nearly KRW 500 bn (USD $ 438 million ). It is committed to developing and supplying efficient clean stationary fuel cells to meet the South Korean government renewable energy plans and to shape the hydrogen future.
South Korea has progressive targets that encourage the deployment of hydrogen and fuel cell technology (16 GW by 2040). Its Green New Deal has committed
KRW73.4 trillion (USD $64 billion ) as part of a wider national strategy to tackle climate change, support industry and jobs, and to break the economy's dependence on carbon.
Today's announcement marks the signing of Ceres' latest global manufacturing partner, and builds on the collaboration and licensing agreement signed with Doosan Corporation in July 2019 for a commercial CHP system targeting the commercial building market. It is now agreed that Ceres and Doosan will collaborate to advance Ceres' technology to build a mass manufacturing facility in South Korea leveraging Doosan's strength in industrialisation for the production of Ceres SteelCells® and stacks by 2024 and support integration of stack for higher power generation applications.
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