REG - Ceres Power Holdings - Ceres signs Thermax as SOEC system partner

Ceres Power HoldingsAnnouncement

12/09/2024 10:01

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RNS Number : 8572D  Ceres Power Holdings plc  12 September 2024

12 September 2024

Ceres Power Holdings plc

("Ceres", the "Company")

 

Ceres signs Thermax as SOEC system partner

Licence provides an entry point into fast growing Indian market

 

Ceres Power Holdings plc (CWR.L), a leading developer of clean energy
technology, has signed a solid oxide electrolysis cell ("SOEC") systems
licence with Thermax Limited ("Thermax"), a leading provider of energy and
environment solutions based in India.

·    Non-exclusive global licence agreement to develop Ceres' SOEC system
technology, including designs for electrolyser module systems that will be
manufactured and sold by Thermax

·    Partnership will accelerate system development ready for commercial
use within the hard-to-abate green ammonia, petrochemical and steel industries
in India and other territories where Thermax already has well-established
market presence

·    Collaboration announces Ceres' market entry into fast-growing and
dynamic Indian market which has targeted 5 million tonnes of green hydrogen
production by 2030

·    The agreement includes licence fees and product royalties to be
received by Ceres

 

Listed on India's NSE, Thermax is one of India's largest process equipment
manufacturers with an extensive industrial portfolio that includes clean air,
clean energy, clean water and chemical solutions. As an integrated solutions
provider with capabilities across the green hydrogen value chain, Thermax
provides extensive levels of industry insight and know-how. The two companies
have entered a non-exclusive, global licence agreement for Thermax to
manufacture, sell and service stack array modules (SAM) based on Ceres'
advanced SOEC technology. The partnership marks a significant step towards
accelerating the deployment of SOEC technology in India and worldwide that
will enable cost-effective green hydrogen production.

Ceres will partner with Thermax to leverage Ceres' highly differentiated
electrolysis technology and Thermax's extensive experience in heat integration
and waste heat recovery to manufacture a first-of-a-kind pressurised SOEC
module, a building block for further development of multi-MW SOEC
electrolysers. As a step towards commercialisation, Thermax plans to establish
a manufacturing facility for the electrolyser systems, develop the supply
chain and localise critical components. This collaboration positions Thermax
among the few companies globally to provide large-scale SOEC systems for
commercial applications.

India is currently the world's third-largest economy in terms of energy needs,
spending $185 billion on imported energy in 2022 according to World Economic
Forum data. In 2022, the Indian government launched the National Green
Hydrogen Mission providing $2.3 billion in incentive funding to target the
production of 5 million tonnes per annum of green hydrogen by 2030. This will
be used both to meet India's energy security needs and to decarbonise
hard-to-abate sectors on the path to net zero for 2070.

 

Phil Caldwell, CEO of Ceres, commented: "I am pleased to announce our SOEC
systems partnership with Thermax, an engineering leader with expertise in heat
integration and waste heat recovery processes and deep industrial customer
relationships. This system licence agreement will take Ceres into the Indian
market which is rapidly becoming one of the most dynamic and increasingly
important markets for green hydrogen, green steel and green ammonia.

This is a strategically important agreement for Ceres as we continue to build
our global eco-system of world-class partners. Our technology enables Thermax
to develop next-generation hydrogen solutions for its customers in the
hard-to-abate industrial sectors, stimulating market demand pull for our
manufacturing licensees.  Our entry into this new region marks an exciting
opportunity for Ceres as we help enable the path to industrial decarbonisation
in this rapidly developing market."

 

Ashish Bhandari, Managing Director & CEO of Thermax said: "In India,
significant strides are being made towards embracing renewable energy sources,
particularly green hydrogen as the country targets to produce 5 million metric
tonnes by 2030. We are excited to partner with Ceres to bring advanced solid
oxide electrolysis (SOEC) technology to India. By leveraging our expertise in
thermal management, we aim to offer a highly efficient and cost-effective
hydrogen production solution that will accelerate the energy transition in
India and globally. This collaboration aligns with our commitment to driving
sustainable solutions for accelerating decarbonisation for hard to abate
industries."

 

A joint press release on this announcement can be found here:
www.ceres.tech/media (https://www.ceres.tech/media/)

 

End

 

For further information visit www.ceres.tech (http://www.ceres.tech/) or
contact:

 Ceres Power Holdings plc          Tel: +44 (0)7884 654179

 Patrick Yau/ Merryl Black         Email: investors@cerespower.com

 FTI Consulting (Financial PR)     Tel: +44 (0)203 727 1000

 Dwight Burden / Ben Brewerton     Email: ceres_power@fticonsulting.com (mailto:Ceres_power@fticonsulting.com)

 

 

About Ceres

Ceres is a leading developer of clean energy technology: electrolysis for the
production of green hydrogen and fuel cells for power generation. Its
asset-light, licensing model has seen it establish partnerships with some of
the world's largest companies, such as Bosch, Doosan, Delta, Denso and
Weichai. Ceres' solid oxide technology supports greater electrification of our
energy systems and produces green hydrogen at high-efficiencies as a route to
decarbonise emissions-intensive industries such as steelmaking, ammonia and
future fuels. Ceres is listed on the London Stock Exchange ("LSE") (LSE: CWR)
and is classified by the LSE Green Economy Mark, which recognises listed
companies that derive more than 50% of their activity from the green economy.
Read more on our website www.ceres.tech (http://www.ceres.tech) or follow us
on LinkedIn (https://www.linkedin.com/company/ceres-power/) .

 

About Thermax Limited

Thermax Limited (NSE: THERMAX) is a leading conglomerate in the energy and
environment space and a trusted partner in energy transition. Thermax's
extensive portfolio includes clean air, clean energy, clean water and chemical
solutions. Backed by its longstanding industry partnerships across multiple
sectors, Thermax has cultivated strong expertise in audit, consulting,
execution, and maintenance coupled with digital solutions, ensuring a unified
energy and environment management experience. Leveraging its distinctive
engineering capabilities, Thermax converts costs to profits while protecting
the environment - a win-win for the industry and society at large. Thermax
operates 14 manufacturing facilities across India, Europe, and Southeast Asia
and has 42 Indian and international subsidiaries.

For more information, visit www.thermaxglobal.com
(http://www.thermaxglobal.com) or follow on LinkedIn
(https://www.linkedin.com/company/thermaxlimited/)

 

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