* Appoints David Pummell as CEO
* Says confident of marketing its CHP product
Aug 18 British alternative energy company Ceres
Power said on Thursday it named David Pummell chief
executive after its previous CEO resigned abruptly in June.
Peter Bance resigned as CEO of Ceres on June 14.
In March, the company found issues with its CHP fuel cell
boiler, designed to generate home heating and hot water, during
field trials. On July 28, Ceres said it made progress towards
resolving these issues.
Pummell, who will take up the post on Sept. 5, was CEO of
MAPS Technology, which designs, develops and manufactures
non-destructive testing equipment using unique stress management
"Ceres has faced a number of recent challenges, but I am
confident that we can successfully commercialise the company's
CHP product and deliver significant shareholder value," Pummell
said in a statement.
Ceres Power shares, which have shed 60 percent of their
value since reliability issues at its fuel cell boiler emerged
in March, closed at 27.75 pence on Wednesday on the London Stock
Exchange, valuing the company at about 25 million pounds.
(Reporting by Juhi Arora in Bangalore; Editing by Don