Ceres Power Holdings plc (LON:CWR) CEO Phil Caldwell chats with DirectorsTalk about it’s strategic collaboration with China’s Weichai Power a Hong Kong and Shenzhen listed company with a market capitalization of c. US$10bn. Phil explains the deal, provides some background on Weichai, explains why China and what this means for the company.
Ceres Power Holdings Plc is a world leader in low cost, next generation fuel cell technology for use in distributed power products that reduce operating costs, lower CO2, SOx and NOx emissions, increase efficiency and improve energy security. The Ceres Power unique patented SteelCell® technology generates power from widely available fuels at high efficiency and is manufactured using standard processing equipment and conventional materials such as steel, meaning that it can be mass produced at an affordable price for domestic and business use. Ceres Power offers its partners the opportunity to develop power systems and products using its unique technology and know-how, combined with the opportunity to supply the SteelCell® in volume through manufacturing partners.
Weichai is a Chinese state-owned enterprise listed on the Main Board of both the Hong Kong Stock Exchange and Shenzhen Stock Exchange with a market cap of over USD$10 billion. With over 74,000 employees and sales of more than 150 billion yuan in 2017, Weichai is one of the most competitive automobile and equipment manufacturing companies in China, producing more than 600,000 engines, 830,000 transmissions, 150,000 heavy duty trucks and 200,000 forklift trucks in 2017. Over 43% of its revenue comes from overseas market.