(CWR) Ceres Power Hldgs
Summary
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| 23-01-12 | RNS |
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RNS Number : 9588V Ceres Power Holdings plc 23 January 2012 23 January 2012 Ceres Power Holdings plc ("Ceres", "Ceres Power", or "the Company") Company Update and Board Changes Ceres Power today provides an update to shareholders on the significant technology progress made since the Preliminary Results announcement in October 2011 together with changes to the organisation that strengthens and repositions the business to deliver the Company's commercialisation plan. In addition, the Company announces changes to the Board.
Key Points · Significant improvements demonstrated in durability of core fuel cell module technology · Successful testing of CHP product engineering improvements · CHP programme on schedule to commence in-home field trials later this year · New appointments to senior management team · Retirements of two non-executive directors · £18.6m in net cash at 31 December 2011
David Pummell, Chief Executive, commented: "I am delighted with the excellent progress that we have made both in core fuel cell module technology and CHP product engineering improvements. The new appointments that I have made to my senior management team and the other organisational changes underway will help us deliver on our commitment to commence the next phase of in-home field trials later this year and underpin the launch of our CHP product in the UK with British Gas."
For further information contact:
Chief Executive Update Following my appointment as Chief Executive in September 2011, I set out the plan to launch our first generation CHP product with British Gas in the UK market in H1 2014. To achieve this objective and to make Ceres a high performing company focused on commercial delivery, I have restructured the business operations, refocusing all of our resources on delivering the core CHP programme and meeting the key business milestones. The Company's current operational focus is to complete a programme of rigorous internal testing to assure complete validation of the CHP product's reliability and durability prior to commencing the next phase of in-home field trials later this year. In parallel, we are continuing to improve the durability of the technology to meet the requirements of our go-to-market CHP product.
CHP Programme Core Technology Progress Since October 2011, the Company has delivered impressive advancements in the Ceres core fuel cell and stack technology. The enhanced cell interconnect coatings and processing of the cell interconnect component for current collection have resulted in substantial reductions in contact resistance and corrosion degradation. Cell degradation performance of less than 1% per 1000hrs has been delivered in stacks running for more than 4500hrs, and reductions in cell contact resistance of up to 50% have been achieved, leading to further improvements in the overall power of the fuel cell module. The baseline core cell technology is capable of achieving degradation rates in line with the requirements for our CHP product. The improved cell design has been subjected to a number of accelerated stress tests designed to simulate in-field lifetime degradation mechanisms. Fuel cell stacks, operating under nominal power conditions, were subjected to more than 100 thermal cycles and 2,000 fuel interruption (redox) events, and have shown no signs of accelerated degradation. We believe that the results of these accelerated stress tests are indicative of operating start-stop regimes in excess of a 5 year period. This represents a substantial improvement in cell durability and resolves the power degradation issues witnessed in the in-home trials last year. Taken together, these improvements in performance and durability of the core fuel cell technology underpin our confidence in the successful completion of the next phase of in-home field trials to be commenced later this year. CHP System Engineering We continue our long term test programme and this has demonstrated successful validation of the engineering solutions implemented to resolve the issues identified in the in-home field trials last year. These solutions are being tested over an extended period of time and under a variety of operating conditions to ensure that the field trials will commence on time and will be successfully completed, demonstrating reliability and durability in occupied homes in the field. We are now finalising design modifications to the balance of plant components that improve thermal management of the fuel cell module and further optimise the flow control of fuel and water into the fuel cell stack. These engineering enhancements are required to incorporate the improved fuel cells we have installed within the CHP product. Further refinements to the CHP product software and control strategies have been developed and we continue validation testing in CHP products in preparation for in-home field trials. The CHP programme remains on schedule to commence the planned in-home field trials in H2 2012, underpinning a final set of field trials in 2013 ahead of the CHP product launch in H1 2014.
Changes to the Ceres Power Organisation I have restructured the business operations to ensure that we have the right internal capabilities and processes to deliver the CHP programme and leverage the product engineering competencies of our supply chain partners in order to de-risk the CHP programme. In implementing these changes my focus has been to achieve a step change in the effectiveness of the organisation, increasing our development productivity and pace, to deliver the key business milestones that will underpin a successful launch of our CHP product in the UK, namely; demonstrate we have a reliable and durable product that will enable us to deliver our commitment to commence successful field trials later this year. I am pleased to announce the following new appointments to my senior management team: · David Jackson joined Ceres in November 2011 as Product Director to manage the CHP product delivery programme. David reports to me and is responsible for delivering the CHP product into production. He previously held senior positions at BAE Systems, where he managed multi-year product programmes and successfully launched a number of technically complex leading-edge products.
· Ricardo Espinosa will join as Engineering Director with effect from 20 February 2012. Ricardo will report to me and will lead the engineering team responsible for product design, development and prototype testing. He brings exceptional engineering management experience and a track record of delivering new technologies to manufacturing. He joins from Azure Dynamics where he led the development and launch of hybrid drive systems with major partners such as Ford. David and Ricardo both fill newly created posts within the organisation but will not involve an increase in headcount. Their proven experience in delivering new technologies will considerably strengthen our management focus in the areas of programme delivery and product design and development engineering. Phil Whalen as Technology Director retains full accountability to develop the core technology for the CHP product and other applications in the future.
Summary The Company has risen to the challenges of the past year and has in place the senior management team, organisational structure and necessary experience to provide the operational focus and rigour that will deliver the CHP programme, including in-home field trials later this year. I look forward to updating investors on our progress over the next few months.
Changes to the Ceres Power Board The Company has commenced a search to appoint one new non-executive director with relevant experience of developing and commercialising new technology consumer products, preferably gained within an advanced engineering company. The Company announces that Sir David Brown, senior independent non-executive director, and Alan Wood, non-executive director, will retire on 29 February 2012. Following the appointment of the new non-executive director, the Board will consist of the non-executive chairman, three executive directors and two non-executive directors. Brian Count, Chairman, commented: "The Board would like to thank Sir David and Alan for their valuable support and contributions to the Company since their appointments in February 2008."
Notes to editors: Ceres Power is a leading developer of clean, efficient, cost-effective decentralised energy products that reduce operating costs, lower CO2 emissions and improve energy security. These products use the Company's mass manufacture technology platform, the Fuel Cell Module, based on the Company's unique patented solid oxide fuel cell ('SOFC') technology and operating on mains natural gas or packaged fuels, such as LPG. The Ceres Power fuel cell Combined Heat and Power ('CHP') product operates on mains natural gas and generates all of the heating and hot water and the majority of the electricity needs of a typical UK home. The wall-mounted unit is designed to replace a conventional central heating boiler and uses the same gas, water and electricity connections. With its low heat to power ratio and unique load-following ability, a Ceres Power CHP product can operate all year round thereby maximizing the energy savings for the household and cutting carbon emissions. Significant market opportunities exist for the Group's residential CHP products globally including Europe, Asia and North America. New products and market opportunities also exist in the longer term including remote industrial power and auxiliary power for transport applications. This information is provided by RNS The company news service from the London Stock Exchange More |
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| 19-12-11 | RNS |
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RNS Number : 1895U Ceres Power Holdings plc 19 December 2011 19 December 2011
Ceres Power Holdings plc ("Ceres" or "the Company")
Change of Adviser
Ceres Power Holdings plc (AIM: CWR) is pleased to announce the appointment of Evolution Securities Limited as the Company's Nominated Advisor and Broker with immediate effect.
For further information contact:
This information is provided by RNS The company news service from the London Stock Exchange More |
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| 14-12-11 | RNS |
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RNS Number : 9166T Ceres Power Holdings plc 14 December 2011 Annual Report and Accounts
14 December 2011
Ceres Power Holdings plc (the "Company")
The Company confirms that its Annual Report and Accounts for the year ended 30 June 2011 have been posted to shareholders.
Further copies are available from the Company's registered office located at Viking House, Foundry Lane, Horsham, West Sussex, RH13 5PX, and on the Company's website: www.cerespower.com. This information is provided by RNS The company news service from the London Stock Exchange More |
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| 02-12-11 | RNS |
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RNS Number : 2824T Ceres Power Holdings plc 02 December 2011
02 December 2011 Ceres Power Holdings plc (or "the Company") Result of AGM Annual General Meeting held on Friday 2nd December 2011 Chief Executive Officer's Address 'As you know, I have been in the role as Chief Executive for 12 weeks. In that time I have reviewed the current position of the technology, the effectiveness of the organisation, the robustness of this commercial opportunity and the plan to launch a wall-mounted natural gas Combined Heat and Power ('CHP') product. Taking each of these in turn, and starting with technology. First, I would like to underline what I said a few weeks ago at the time of the full year results. The core fuel cell technology works. Ceres has achieved a tremendous amount to get to this point. As previously reported, a number of issues were identified in our initial field trials, which we have addressed in the period since March 2011. I am pleased to report that we continue to make excellent progress in the validation testing of the solutions we have implemented for each of these issues; this rigorous testing is an on-going programme of work. I look forward to keeping you informed about our continuous progress in preparation for field trials commencing in H2 2012. Ceres is now transitioning into a product-led business, with increased focus on driving our product programmes to meet the launch milestone dates in 2014 and 2016. I am in the process of transitioning the organisation to achieve this. This focus and rigour will ensure delivery. Each of the Company's core functions will provide the required resources to support multi-disciplined project teams, and in addition we will increasingly leverage the capabilities of our partners. I am in the process of finalising this structure and will provide further updates in due course. As I said in October, we are developing the next phase of strategic partner collaborations to enable Ceres to leverage world class brands, existing customer footprints in our target markets and additional technical and engineering expertise. We view this as a crucial step change for the business; further de-risking our product development journey to launch, and reducing our market entry risk. This is something I am working on at this moment and will provide you updates going forward. Our revised plan is simple. I have put significant emphasis on conducting extensive product testing to ensure that both product durability and reliability meet the required level of performance. Next year is therefore about conducting extensive internal testing prior to commencing in-home field trials. 2013 is about successfully completing this in-home field trial programme, and 2014 is when we shall launch our first generation product. This first generation product breaks new ground. It integrates a boiler and fuel cell module in a single wall mounted unit, and demonstrates a commercially distinctive size, weight and value proposition to customers, which our UK market partner, British Gas, believes are pre-requisites for a product to achieve widespread consumer adoption. The first generation product launch will validate the concept of a boiler-replacement consumer appliance that can be installed in the majority of the UK's homes and deliver significant energy bill savings, payments from the Feed-in Tariff and carbon reductions. From the beginning of next year, in parallel we will commence the development programme for our second generation product. We shall fully leverage our knowledge of our first generation product and through a process of value engineering, supported by our partners, deliver a cost effective product compatible with mass market uptake that will provide a highly attractive payback on the price premium over the existing condensing boiler. I recognise that the timeframe for mass market launch has been extended more than most of you would have anticipated. However I am convinced that this is the right plan with an achievable timeframe, providing maximum assurance and value for all stakeholders. I have reviewed our cost base and identified what is needed to support the activities in the plan. Cutting costs materially at this stage will only further elongate the programme and will increase our risk of successful delivery of the two product launches. Accordingly, the new plan involves raising further funding during 2012. As I have said upfront, the core technology works and we are making real progress in validating a reliable and durable product. My focus is very much on delivering today and ensuring Ceres effectively equips itself to deliver great products in the future. Our product will create new markets; it will enable our customers to cut their energy costs and their carbon footprint. Distributed generation is the future; our product will be highly competitive and just gaining a small share of a massive worldwide market is very achievable and very valuable. Thank you for your continued support for Ceres Power and I look forward to updating you on our progress and achievements during the next 12 months.' David Pummell Ceres Power Holdings plc also announces that all of the resolutions proposed at the Annual General Meeting were duly passed on a show of hands. Full details of the proxy votes lodged by post for each resolution is stated below:
For further information contact:
This information is provided by RNS The company news service from the London Stock Exchange More |
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why post a link that requires a sub spiky?useless
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