Ceres, a British company specialising in solid oxide fuel cell (SOFC) technology, already had a Korean partner. But the relationship was a difficult one and progress was slow.
We decided to take a different approach, focusing on potential new partners with a greater appetite and technical capacity to develop fuel cell products.
We identified an opportunity with Korea’s largest fuel cell player, Doosan, and ultimately enabled Ceres to license its technology to Doosan in a series of deals worth USD 57 million.