(MENAFN- ProactiveInvestors)-ADDS SHARE PRICE AND COMMENT-- Shares in fuel cell specialist Ceres Power (LON:CWR) surged after it said the latest version of its steel cell technology will allow it to tap into more of the commercial and residential energy market. The latest release of its V3 steel cell platform improves efficiency and power density the firm told investors in an update. It will significantly improve the economic case for the residential market the company added. "Ultimately the latest increase in performance enables Ceres to tap into a more significant part of the distributed generation market which is predicted to be worth around US$200 billion globally by 2020 of which approximately US$40 billion is expected to come from fuel cell power systems" the group said. In simple terms Ceres' steel cell is a perforated sheet of steel with a special ceramic layer that converts fuel directly into electrical power. It uses mains gas which means it can be mass produced at an affordable price for domestic and business use. It is greener than diesel and gas generators as it produces no sulphur and nitrogen oxides - key to ensuring cleaner cities whilst also lowering carbon dioxide and energy bills by around a third. Chief executive of the firm Phil Caldwell said on Wednesday: "Our strategy is simple: to make our Steel Cell technology the platform for a range of distributed power generation products for every home and business. "We have already seen high levels of early stage interest in higher power products from US Korea and Japan. Having achieved this latest technical advance we now expect to announce progress on a number of new partnerships in the near future." Talking to Proactive he reiterated how Ceres was targeting its technology towards a more local clean and efficient distributed generation market. "If we've got something which is more efficient than a state-of-the-art central generation plant that is under the control locally in a home or business you've got a very compelling case" he said. From the current UN Climate Change conference in Paris he added he would like to see "something which drives the economics of high efficiency low carbon technology" because that would accelerate the market further. For the residential market the 1kW class power system uses the V3 technology to achieve 50% net electrical efficiency and the platform is now available to OEM (original equipment manufacturers) partners. For the commercial market Ceres said it had developed a "modular stack concept "for the first time using the V3 technology which in initial testing has achieved 55% net electrical efficiency. "This is hugely important as 50% is the tipping point when the technology becomes viable for commercial and light industrial scale applications" the group said. Shares in London added 13.75% to 6.95p.
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