Ceres Power Holdings plc (CWR.L), a leading developer of clean energy technology, and Denso Corporation (“Denso”), a global original equipment manufacturer, today provide further information on a long-term licence agreement for the manufacture of Ceres’ proprietary solid oxide electrolyser cells for hydrogen applications. This provides additional detail to the previous announcement made on 22 July 2024 highlighting the terms of this agreement.

· Secures another world-class OEM partner for Ceres with the scale, expertise and resource to manufacture advanced equipment for the growing green hydrogen sectors
· The agreement includes significant revenues for Ceres over multiple years, with a similar profile to previous Ceres OEM licences, including licence fees, engineering services and hardware. It also provides for royalty payments to Ceres on future commercial production and sale to end customers by Denso

Denso is a Fortune 500 company, headquartered in Kariya, Japan, employing over 160,000 people in 35 countries and regions worldwide. It aims to leverage the expertise of system control and thermal management it has built in automotive system development to develop technology in the fields of hydrogen production. This partnership will enable Denso to produce Ceres’ current and future generations of stack technology under licence, in line with its aim to establish a hydrogen supply chain.

Phil Caldwell, CEO of Ceres, commented: “I am excited to announce our latest partnership with Denso. This builds on Ceres’ strategy to collaborate with leading high volume manufacturing partners, located in regions where the energy transition has strong momentum.

As a pioneer of the hydrogen industry globally, Japan aims to generate investment in hydrogen worth 15 trillion yen over the next 15 years, with specific reference to the hard-to-abate sectors including steel, ammonia and synthetic fuel production, for which Ceres’ best-in-class solid oxide technology is particularly well-suited offering distinct competitive advantages.

By continuing to licence our technology to major industrial companies, Ceres and its partner network is delivering decarbonisation at scale and pace.”

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