Ceres Power Holdings plc and Doosan Fuel Cell Co. Ltd. (Doosan) announced a strategic collaboration and licence agreements in October 2020, with a commitment to build a 50MW facility initially for the mass manufacture under licence of Ceres' fuel cell stacks in South Korea. Doosan announced that it has signed an MOU for the joint development of a megawatt class SOFC system for eco-friendly marine propulsion and power generation with Korea Shipbuilding & Offshore Engineering, a division of the world's large shipbuilding company Hyundai Heavy Industries.

Doosan will design and manufacture the system for ships utilising Ceres' SOFC technology, evaluating stability and developing system control technology. Korea Shipbuilding & Offshore Engineering will lead on designing the fuel cell arrangements specific to the marine environment and developing ship-linked system control technology. The two companies will conduct joint research and development in the shipbuilding and offshore fields for marine demonstration in the future.

This announcement continues the expansion of Doosan's business into the marine market and reflects the wider growth of Ceres' technology into new markets, a key driver of the fundraising completed this morning totaling £181 million in new growth capital. Shipping accounts for over 2% of global greenhouse gas emissions and SOFC is one of the most promising clean energy technologies to support the 50% reduction in emissions by 2050, from 2008 levels, mandated by The International Maritime Organization.