Ceres Power awarded further contract for collaboration with Shell

(Sharecast News) - Fuel cell technology developer Ceres Power has been awarded a further contract for the second phase of its collaboration with Shell.

Ceres Power said on Tuesday that it will cooperate with Shell in the design of a solid oxide electrolyser module, for use in large-scale industrial applications such as synthetic fuels, ammonia and green steel.

The AIM-listed group said the programme will use "key learnings and data" harvested from its existing one-megawatt demonstration project to develop a "commercially competitive and scalable solution".

Ceres highlighted that key to this agreement was the "significant efficiency gains" offered by SOEC technology, with the project examining pressurised systems that can drive "further efficiency, performance, and integration" with other processes, targeting a module-level efficiency of less than 36 kilowatt hours per kilogram of hydrogen, which aligns to EU SOE 2030 technology targets.

Chief executive Phil Caldwell said: "Our strategic collaboration with Shell continues to provide valuable insights, ensuring Ceres' SOEC technology is well positioned to meet our partners' needs for the green hydrogen and synthetic fuels markets. Building on Ceres' class-leading technology, our commitment to continuous innovation keeps Ceres' commercial offering at the forefront of the industry in terms of simplicity, efficiency, and performance."

As of 1030 BST, Ceres Power shares were up 6.52% at 232.0p.

Reporting by Iain Gilbert at Sharecast.com