Why Has Bosch Increased Its Share in Ceres Power?
Feb 25 2020 Read 985 Times
In an exciting leap forward for the green energy industry, one of the world's largest engineering and technology companies has pledged a £38 million endorsement to Ceres Power, a British fuel cell manufacturer championing cheap, clean energy. The endorsement comes from Bosch, a German-owned multinational known for its home appliances, power tools and other products.
Now the German giant is backing Ceres Power, the company behind the unique SteelCell™ technology. The latest investment bought Bosch's share in Ceres Power up to 18%. Following the announcement, shares in Ceres Power rocketed by 12%, with the company now valued at more than £600 million.
Bosch funnelling cash into fuel cell revolution
Ceres Power is spearheading the fuel cell revolution, with its products used to power everything from electric buses to homes and data centres. Once developed, the company licenses its technology to largescale manufacturers such as Bosch and Honda. Eventually, Ceres Power chief executive Phil Caldwell hopes the company's cutting-edge technology will take over from conventional combustion engines and help the UK move towards a greener, more eco-friendly future.
He says the investment from Bosch is “a huge endorsement for the company and the technology that we have”, adding that it “shows the growing importance of these kinds of non-combustion technologies to conventional power and engine manufacturers like Bosch.”
The £38 million investment will be used to fast-track the company's SteelCell™ technology, a highly efficient process that sees individual SteelCells™ stacked together to generate power and heat. Not only does SteelCell™ technology generate power from natural gas but it's compatible with green energy such as biogas and hydrogen. It also slashes energy costs and emissions which makes it a valuable contributor to the fight against climate change and air pollution.
Caldwell says the funds will "provide sufficient capital for the company to both consolidate its position as a leader in fuel cell systems and also expand its technology into complementary areas including potential solid oxide electrolysis applications."
Ceres Power shares soar
The ramped up investment from Bosch is warranted, with Ceres Power soaring by more than 50% over the past year. Year-on-year revenue also tripled to £15.3 million in 2019, reflecting the enormous potential of fuel cell technologies.
"This new investment will allow us to build upon this strong position and grow the business further into new areas which are needed for the energy transition such as electrolysis for hydrogen and synthetic e-fuels and developing higher power applications while also continuing to focus on the commercialisation of our core power systems," adds Caldwell.
From fuel cell companies such as Ceres Power to application-specific X-ray analyser manufacturers such as XOS, maximising efficiency is always front of mind. Introducing two of the most common ASTM standard test methods, 'Optimize Catalyst Efficiency by Monitoring Chlorine with Petra Max' spotlights D7536, Chlorine in Aromatics by Monochromatic Wavelength Dispersive X-ray Fluorescence Spectrometry (MWDXRF) and D5808, Organic Chloride in Aromatic Hydrocarbons and Related Chemicals by Microcoulometry.
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