Business
RFC Power JDA for long-duration energy storage
RFC Power JDA for long-duration energy storage.
About this update from Ceres Power Holdings Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0244S\n Ceres Power Holdings plc\n 11 November 2021\n \n \n \n CWR.L\n \n 11 November 2021\n \n Ceres Power Holdings plc\n \n Ceres forms strategic collaboration with RFC Power for long-duration energy storage\n \n \n \n \n Horsham, UK:\n \n Ceres Power Holdings plc (\"Ceres\", the \"Company\") (AIM:CWR), a global leader in fuel cell and electrochemical technology, is pleased to announce that it has signed a joint development and equity agreements with RFC Power limited (\"RFC\"), a long-duration energy storage company.\n \n \n \n \n \n RFC is an early stage company that has a strategy to develop the world's lowest cost flow battery - a hybrid between a fuel cell and a battery that decouples power from energy. It is a unique and novel technology, which was spun out of Imperial College London in 2017, with a patented hydrogen manganese chemistry promising low cost, high round-trip efficiency and an extremely long cycle-life. \n \n \n \n \n \n Long-duration energy storage technologies, such as hydrogen and flow-batteries, have an important role to play in decarbonising the energy system towards a net zero future. Ceres has been in discussions with the RFC team for some time and \n Mark Selby, Chief Innovation Officer of Ceres, will now join RFC's Board. He will leverage Ceres' expertise and experience in licensing technology to support the commercialisation of RFC's intellectual property. \n \n \n \n \n \n Mark also represented Ceres in Glasgow this week for the official launch of the Long Duration Energy Storage (LDES) Council. Formed of 24 founder members including energy tech, end-user and investor organisations, the LDES Council is targeting ~10% of all energy being stored in greater than eight-hour storage technologies, requiring 85-140TWh of deployed capacity, to achieve grid net-zero by 2040. \n \n \n \n \n \n \n Phil Caldwell, Chief Executive Officer of Ceres:\n \n \n \n As a licensing business committed to delivering clean energy for a net zero future, it is imperative that alongside delivering our fuel cell and hydrogen electrolysis business, we continue to drive innovation to create future value, both through investment in our own technology and partnering in new areas such as energy storage, which are aligned with our...