HORSHAM, ENGLAND -- Ceres Power Holdings plc (CWR.L), a leading developer of clean energy technology, and Delta Electronics (“Delta”), a global leader in power and thermal management solutions, today make a joint press release on their collaboration, which is shown in full at the end of this statement.

Ceres and Delta have signed a global long-term manufacturing collaboration and licence agreement for both solid oxide electrolysis cell (“SOEC”) and solid oxide fuel cell (“SOFC”) stack production.

· The agreement includes revenue of £43 million to Ceres through technology transfer, development license fees, and engineering services, of which approximately half is expected to be recognised as revenue in 2024
· There is potential for additional revenue from the sale of Ceres development stacks to Delta
· The agreement also includes royalty payments to Ceres on future commercial production and sale to end customers by Delta
· Technology introduction and factory construction will start from 2024 and the initial production by Delta is expected to start by the end of 2026
· Delta provides solutions to customers worldwide, across a myriad of sectors including chemicals, energy, transportation, steel and more, with strong ambition for future scale up

Headquartered in Taiwan, Delta employs over 80,000 people across approximately 200 facilities worldwide and is listed on the Taiwan Stock Exchange with a market capitalisation of approximately US$23 billion. Delta’s expertise in mass manufacturing, power electronics and data centres for customers like Microsoft, has seen it diversify into turnkey decarbonisation solutions and the development of smart buildings, energy infrastructure, grid balancing and energy storage for customers such as Tesla.

Phil Caldwell, CEO of Ceres commented, “It’s great to announce a new partnership today with Delta, a company with worldwide expertise in mass manufacturing, power electronics and system integration. We believe Delta can deliver efficient clean hydrogen solutions for its customers utilising both our SOFC and SOEC technologies. Green hydrogen has a key role to play in delivering a more secure and sustainable future energy system and today we take this first step towards what promises to be a strong collaboration with Delta to accelerate the industry globally.”