Ceres Power has seen its share price jump after the success of a year-long trial into its fuel cell technology.

London Stock Exchange’s Alternative Investment Market saw shares in the company up 7.55 per cent at 14.25 in afternoon trading following the company’s trial of its SteelCell technology.

The company makes low cost, next generation fuel cells, which allow consumers to generate their own power and heat, saving around £400 a year on their energy bills. SteelCell has proven it can save consumers money, and generate power effectively emission-free
Ceres Power
Ceres said its decentralised energy generation technology was the “potential answer to the looming gap between energy demand and supply”.

The trial saw prototypes in five homes in London and the south east, and found the units could provide around 80 per cent of the average household’s electricity needs while saving up to two tonnes of carbon dioxide a year with nearly zero harmful nitrogen oxide and sulphur oxide emissions.

The data also found consumers could also export enough surplus energy to charge a typical electric vehicle.

Additional savings of over £1,000 could be achieved if the technology gained government support through the UK’s current feed-in tariff, Ceres said.

Berenberg analysts said the firm’s announcement “boosted our confidence in the investment case”. They said the market for fuel cells is estimated to grow at a compound annual growth rate of around 25 per cent between 2016 and 2024 as demand for non-intermittent clean power rises and electricity grids face capacity issues.

Ceres said its technology will produce reliable power which will complement society’s growing reliance on renewables.

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