Cummins signs development deal with Ceres Power
March 11th, 2014UK-based boiler technology company Ceres Power has signed a joint development agreement with US power systems giant Cummins Power Generation.
In the first stage of the agreement, Ceres said, the two firms will work together non-exclusively to seek applications for Ceres’ Steel Cell fuel system technology in Cummins’ core markets of large-scale backup and prime power.
The Steel Cell fuel system runs on mains natural gas or hydrogen. It can be used in combined heat and power systems and other distributed generation applications.
Ceres’ share price on the London stock exchange rose by 13% to 7.5p (US$0.12) after the announcement.
Phil Caldwell, CEO of Ceres Power, said: ‘We are very pleased to start working with a partner of the calibre of Cummins. Establishing a strategic relationship with Cummins enables us to explore further applications for our unique Steel Cell technology, particularly for the rapidly growing market for fuel cell generation for commercial applications in North America.’
