Business
Portfolio company RFC Power signs JDA with Ceres
Portfolio company RFC Power signs JDA with Ceres.
About this update from Ip Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0734S\n IP Group PLC\n 11 November 2021\n \n \n \n \n \n \n \n FOR RELEASE ON\n \n \n \n \n 11 November 2021\n \n \n \n \n \n \n \n \n IP Group plc - Portfolio company RFC Power signs Joint Development Agreement with Ceres Power\n \n \n \n \n \n IP Group plc (LSE: IPO) (\"IP Group\" or \"the Group\"), the developer of intellectual property-based businesses, is pleased to announce that RFC Power Ltd (\"RFC Power\" or \"the Company\"), \n a long-duration energy storage company\n , has signed a Joint Development Agreement with Ceres Power Holdings plc (\"Ceres\"), a global leader in fuel cell and electrochemical technology. \n \n \n \n \n \n The joint development agreement will aim to improve and accelerate RFC Power's technology through the use of Ceres' expertise in electrochemistry and device engineering. Mark Selby, Chief Innovation Officer at Ceres, will join RFC Power's board.\n \n \n \n \n \n RFC Power, a spin-out from Imperial College London, aims to develop the world's lowest cost flow battery - a hybrid between a fuel cell and a battery that decouples power from energy. Its patented hydrogen manganese chemistry has the potential to deliver low cost and high round-trip efficiency with an extremely long cycle-life. IP Group has a fully diluted holding of 33.2% in RFC Power.\n \n \n \n Ceres is a world-leading developer of electrochemical technologies which has recently joined the Long Duration Energy Storage Council (\n \n https://www.ldescouncil.com/\n \n ),\n a CEO-led organisation which is targeting ~10% of all energy being stored in greater than eight-hour storage technologies, requiring 85-140TWh of deployed capacity, in order to achieve grid net-zero by 2040.\n \n \n \n \n \n Tim von Werne, CEO of RFC Power, said: \"Energy storage is a critical component of the transition to a low carbon energy system. This partnership with Ceres Power will accelerate RFC's technology development and enable us to bring our long duration energy storage technology to market at the pace required to meet this global demand. We are delighted to welcome Mark Selby to our Board as we start this next phase of our commercial progress.\"\n \n \n \n \n \n Andrew Symes, Investment Manager at IP Group plc, said: \"Our mission is to identify the technologies which plug ga...