Ceres Power today provides an update to shareholders on the significant technology progress made since the Preliminary Results announcement in October 2011 together with changes to the organisation that strengthens and repositions the business to deliver the Company's commercialisation plan.
- Significant improvements demonstrated in durability of core fuel cell module technology
- Successful testing of CHP product engineering improvements
- CHP programme on schedule to commence in-home field trials later this year
- New appointments to senior management team
- Retirements of two non-executive directors
- £18.6m in net cash at 31 December 2011
David Pummell, Chief Executive, commented: "I am delighted with the excellent progress that we have made both in core fuel cell module technology and CHP product engineering improvements. The new appointments that I have made to my senior management team and the other organisational changes underway will help us deliver on our commitment to commence the next phase of in-home field trials later this year and underpin the launch of our CHP product in the UK with British Gas."