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Ceres Power Holdings plc : New Strategic Partnership to Access Benelux Market

04/25/2012 | 02:50am US/Eastern
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25thApril 2012

Ceres Power Holdings plc

("Ceres", "Ceres Power", or "the Company")

New Strategic Partnership to Access Benelux Market

Ceres today provides details of a new commercial partnership with Itho-Daalderop Group B.V. ('Itho-Daalderop').  Under this agreement, Itho-Daalderop will commit technical resources to the Ceres programme for the development of the low cost mass market CHP product that will be trialled in 2014 and launched in 2016.  Ceres will access Itho-Daalderop's product value engineering capability, compact and efficient condensing boiler technology and established volume supply chain.

Itho-Daalderop will also distribute Ceres fuel cell CHP products into the residential mass market within the Benelux countries, the third largest boiler market in the European Union with over 650,000 units sold annually.  This agreement builds on the existing supplier relationship between Ceres and Itho-Daalderop and creates a new partnership that will bring sustainable low cost energy solutions to the residential mass market.

Under the new agreement, Ceres grants Itho-Daalderop exclusive distribution rights for the Ceres CHP product in the Benelux countries for a period of 4 years from initial sales, subject to Itho-Daalderop ordering the minimum volumes of 78,000 units over this period.  In addition, Itho-Daalderop will order initial units from Ceres to support field trials in the Netherlands in 2014 and 2015.

David Pummell, Chief Executive Officer of Ceres Power, commented:

'Itho-Daalderop is the ideal partner to introduce and sell Ceres technology in the Benelux region. The established Itho-Daalderop brand encapsulates quality and innovation, and these values are synonymous with our CHP product.  Ceres and Itho-Daalderop have a shared vision and a desire to take innovative and cost effective solutions to our customers and I am delighted to be involved in this new commercial collaboration, providing a focused entry to this significant market and working with a very successful partner.'

Bart Romeijn, Chief Executive Officer of Itho-Daalderop, commented:

'Benelux is one of the best markets for rapid adoption of residential CHP.  The Ceres product with its compact, lightweight design that integrates the boiler and fuel cell in a single packaged product, is ideally suited to the requirements of this market.  Itho-Daalderop's mission is to continuously bring the best new products to our customers and I am convinced that Ceres CHP will revolutionise home energy generation.  I look forward to growing this business in the Benelux.'

For Further Information Contact:

KreabGavin Anderson & Company

Ken Cronin/Deborah Walter

Tel. +44 (0)20 7074 1800

Notes to Editors:

Ceres Poweris a leading developer of clean, efficient, cost

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