Ceres Power Holdings plc (AIM:CWR) is pleased to announce that it is the leader of a consortium which will be granted £772,000, of which £573,000 is allocated to Ceres, from Innovate UK and The Office for Low Emission Vehicles (OLEV), as published on 21 March 2016 by the Government.
The Company will lead a team, which includes a global automotive company, to trial its Steel Cells with a view to extending the range of electric light commercial vehicles and will announce more details of this programme at a later date.
The funding, part of a £38 million fund from OLEV and Innovate UK, is intended to develop ideas to cut vehicle emissions and make plug-in vehicles drive further. It will be distributed to more than 130 companies and research centres across the country.
Phil Caldwell, Ceres Power’s Chief Executive Officer said: “We have always said that our innovative Steel Cell technology has a range of potential applications and are delighted to lead on this exciting project to help cut vehicle emissions globally. This is our second partnership announcement this year in line with our stated strategy to embed our Steel Cell technology into a variety of different power products with the world’s leading companies.”