Ceres Power Holdings PLC (LON:CWR) has agreed an expanded collaboration with South Korean group Doosan, which has been given the licence to manufacture the UK company's proprietary solid oxide fuel cell stacks.
Doosan plans to build a manufacturing facility with an initial 50MW capacity by 2024, making it Ceres's third global manufacturing partner alongside Bosch and Weichai.
The Doosan deal is worth £36mln to Ceres over three years, plus a further £7mln potentially due subject to key performance indicators (KPIs). This income precedes longer term royalties on the sale of fuel cell stacks.
“We are absolutely delighted to welcome Doosan as a strategic manufacturing partner and to broaden our relationship to target utility-scale systems. Doosan has an enviable track record in commercialising fuel cell technology,” said Phil Caldwell, Ceres chief executive in a statement.
“Our success is measured by our partners' success and this is further validation of our asset-light, licensing business model that enables the world's most progressive companies to adopt our technology at scale and speed."
Hyunsoo Dong, Doosan Corporation vice-chair added: “By partnering with Ceres Power, Doosan will expand its product portfolio and strengthen its position as the leader in the fuel cell industry.
“We are excited to expand on our existing collaboration to build a world-leading SOFC stack mass manufacturing centre and to create a strong fuel cell industry ecosystem in Read More – Source