Ceres boils KD Navien

Ceres Power, a manufacturer of clean fuel cell technology, has signed a commercial and technical agreement with South Korea-based KD Navien.

The boiler manufacturer holds a strong position in the South Korean market, and also a major exporter globally, particularly to the US.

Under the terms of the agreement, KD Navien will carry out trials into Imperial College London spin-out Ceres’ natural gas fuel cell module in Seoul with an eye to incorporate the UK-based clean tech firm’s fuel cells in future products.

Ceres will provide hardware and technical support throughout the process.

Alan Aubrey, chairman of Ceres Power, said: “We are delighted to be delivering on our stated strategy with the announcement of our first significant commercial agreement since the Company’s change of strategy. KD Navien is the ideal partner to integrate the Ceres technology into products for the Korean residential CHP market. The largest residential gas boiler manufacturer in Korea, with the largest market share in the domestic residential gas boiler market, KD Navien brings brand strength, market access, cost-effective manufacturing and significant engineering resources to ensure successful CHP commercialisation in the Korean market. Both companies have a shared view of the market opportunity and the desire to take innovative and cost effective solutions to our customers.  We are excited to have signed this agreement with KDN and very much look forward to working with them.”