BOSCH INCREASES STAKE TO 18% IN FUEL CELL PARTNER CERES POWER
Bosch has increased its stake in Ceres Power from 3.9 percent to circa 18 percent. Bosch’s total investment will be approximately 90 million euros. Since signing a strategic agreement in August 2018, Bosch and Ceres have been successfully collaborating in the development of fuel-cell stacks for stationary applications. This enabled Bosch to start initial low-volume production of pilot fuel-cell systems in autumn 2019 in Germany.
It is intended that the increased stake will further support the collaboration towards future potential scale up and mass manufacture of the Ceres SteelCell for multiple applications including small power stations to be used in cities, factories, data centers and charge points for electric vehicles. “We have established a successful partnership with Bosch by combining Ceres’ unique SteelCell technology with Bosch’s engineering, manufacturing, and supply chain strength,” says Phil Caldwell, CEO of Ceres Power. The company developes next-generation SOFC technology. Its strategy is to commercialize the technology through licensing for mass production with partners, and to use this technology for grid-based and distributed power generation. “Bosch strongly believes that the highly efficient solid oxide fuel cell (SOFC) has an important role to play in energy systems’ security of supply and flexibility. With this enlarged investment in Ceres Power, we intend to further strengthen our successful collaboration with our development partner Ceres Power.“, says Dr. Christian Fischer, member of the Bosch management board responsible for the Energy and Building Technology business sector.
The stake increase is achieved through a subscription by Bosch for new Ceres Power shares, as well as the purchase of further shares from existing shareholders. To enhance the strategic investment and the strength of the partnership, under the terms of the transaction, Bosch is granted the right to appoint a Non-Executive Director to the board of Ceres Power.