Dec 2 2004
A company developing and manufacturing fuel cells, spun out of research at Imperial College London, today announces the start of dealings in its shares on the Alternative Investment Market of the London Stock Exchange.
Ceres Power, founded in 2001, is developing fuel cells technology to produce a method of energy supply that is secure, sustainable and low polluting. The technology has been developed at Imperial over the last 10 years by Professors John Kilner, Alan Atkinson and the late Brian Steele in the Department of Materials, and Professor Nigel Brandon in the Department of Chemical Engineering and Chemical Technology.
Congratulating Ceres Power, Susan Searle, Chief Executive Officer of Imperial's technology transfer company Imperial Innovations, said:
"We believe that Ceres Power has the potential to transform the power generation industry, so we are delighted to see it reach this significant step. Imperial Innovations has been involved in every stage of the progression of this technology, from the point when the inventors initially approached us and during the pre-company formation activities to the flotation. This is a very exciting moment for everyone."
Sir Richard Sykes, Rector of Imperial College London, added:
"Imperial is committed to commercialising its innovative research and Ceres Power is one of our great successes. It is becoming widely recognised as a leader in pioneering low carbon technologies and has considerable commercial potential. Today is an important landmark in its development."
Prior to the flotation, Ceres Power raised £9.3m of investment. It is based in Crawley, West Sussex, where it has purpose built development, testing and pilot production facilities, and currently employs a team of around 25 people.
For more information on fuel cells, click here.