Ceres Power unveils news partnership agreement

11th Mar 2014 10:43

Ceres Power Holdings rose strongly after the group, which develops fuel cell technology, revealed it has signed a joint development agreement with Cummins Power Generation. The two firms will work together on a non-exclusive basis before potentially collaborating on system feasibility and the evaluation of potential development programmes. These would be developed with major end users and utilities, a number of which have already expressed interest in using power systems incorporating Ceres's Steel Cell technology."Successful completion of this collaboration assessment agreement phase could lead to a broader cooperative system development programme under a continuation agreement," Ceres said. The group's share price rose 15.76% to 7.64p by 11:00 Tuesday.NR