Ceres Power Holdings has partnered with RFC Power Limited, a long-duration energy storage provider.
As an early stage startup, RFC aims to produce the world’s lowest cost flow battery, which is a hybrid fuel cell/battery that separates power and energy. It is a proprietary hydrogen manganese chemistry that promises cheap cost, great round-trip efficiency, and an extraordinarily long cycle life.
Long-duration energy storage technologies like hydrogen and flow batteries can help decarbonize the energy system and achieve net zero carbon. Mark Selby, Ceres’ Chief Innovation Officer, will now join the RFC Board. He will use Ceres’ expertise in technology licensing to help RFC commercialize its intellectual property.
Mark was in Glasgow this week for the Long Duration Energy Storage Council’s official launch. The LDES Council, comprised of 24 founding members from energy tech, end-user, and investor organizations, aims to reach grid net-zero by 2040 by storing 10% of total energy in longer-term storage technologies.
Phil Caldwell, Chief Executive Officer of Ceres: As a licensing business committed to delivering clean energy for a net zero future, it is imperative that alongside delivering our fuel cell and hydrogen electrolysis business, we continue to drive innovation to create future value, both through investment in our own technology and partnering in new areas such as energy storage, which are aligned with our purpose.”
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.”
The joint development agreement will seek to advance and expedite RFC’s technology by leveraging Ceres’ electrochemistry and device engineering expertise. Ceres will receive an 8.4 percent stake in RFC in exchange for its services. Ceres will have the opportunity to evaluate RFC’s technology during this period, and if the technology is found to be compatible with Ceres’ strategy, Ceres will have a 12-month option to acquire the remainder of the company’s outstanding share capital for up to £25 million. This includes a 50% immediate payment upon exercise and a 50% deferred payment contingent upon commercial success, both of which are payable in Ceres shares.