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UPDATE 1-Alternative energy co Ceres Power appoints CEO
August 18, 2011 / 7:07 AM / 6 years ago

UPDATE 1-Alternative energy co Ceres Power appoints CEO

* Appoints David Pummell as CEO

* Says confident of marketing its CHP product

Aug 18 (Reuters) - 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 technology.

“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 Sebastian)

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