Doosan Fuel Cell begins mass production of fuel cell power systems using Ceres technology

 

• Major milestone for Ceres and Doosan partnership
• Products will target rapidly growing AI/data centre and commercial power markets

HORSHAM, United Kingdom, July 28 (Bernama-GLOBE NEWSWIRE) -- Ceres Power Holdings plc (CWR.L, “Ceres” or the “Company”), a leading developer of clean energy technology, and the Doosan Corporation announce that Doosan Fuel Cell has commenced mass market production of fuel cell stacks using Ceres’ solid oxide technology. Doosan Fuel Cell will manufacture the stacks and fuel cell power systems at its dedicated factory in South Korea with the ability to produce a combined generational capacity of 50MW of electrical power each year.

This commencement of manufacturing marks a significant milestone for Ceres, as Doosan is the first of its strategic licensing partners to enter mass production using its technology. The fuel cells, stacks and power systems that Doosan Fuel Cell produces will be marketed initially to customers in South Korea.

The Ceres designed fuel cells will be manufactured in Doosan Fuel Cell’s state-of-the-art factory in the province of Jeollabuk-do, South Korea, where construction began in 2022. Its completion marks the world’s first Ceres metal supported solid oxide fuel cell and systems facility to come on-stream. Doosan Fuel Cell anticipates the sale of its first solid oxide fuel cell products will occur before the end of 2025.

Doosan Fuel Cell will distribute the solid oxide systems, with a primary market focus on applications for stationary distributed power. These include data centres, where the advent of AI processing has caused a spike in power demand that can be met by the deployment of fuel cells. Other uses include the stabilisation of renewables-based power grids and microgrids through peak power production, power systems for buildings, and auxiliary power solutions for marine shipping markets.

Phil Caldwell, Chief Executive Officer of Ceres, said: "Fuel cells have a major part to play in meeting the world’s rapidly-increasing power demands, developing energy resilience and ensuring decarbonisation. Ceres’ solid oxide design is the ideal technology for these applications through its higher efficiency, lower cost and greater robustness than other technologies. Doosan Fuel Cell’s commencement of mass manufacturing is a major step in bringing this technology to the world."

Doosoon Lee, Chief Executive Officer of Doosan Fuel Cell, said: "Fuel cells, a clean energy solution, are gaining attention as an optimal alternative to various power demands triggered by AI, including data centres. In South Korea, the world's leading fuel cell market, we aim to lead the adoption of advanced SOFCs by leveraging our collaboration with Ceres. By commercialising these technologies and promoting their domestic production, we intend to spearhead the acceleration of the global transition to a decarbonised society through eco-friendly energy solutions in the commercial power market and maritime mobility."

For further information visit www.ceres.tech or contact:
 

Ceres Power Holdings plc Patrick Yau/ Merryl Black	Tel: +44 (0)7884 654179 Email:investors@cerespower.com
MHP Group (PR Adviser) Reg Hoare/James McFarlane/Matthew Taylor	Tel: +44 (0) 7827 662831 Email:ceres@mhpgroup.com

About Ceres

Ceres is a leading developer of clean energy technology: fuel cells for power generation and electrolysers for the production of green hydrogen. Its asset-light, licensing model has seen it establish partnerships with some of the world's largest companies, such as Doosan, Delta, Denso, Shell, Weichai and Thermax. Ceres' solid oxide technology supports greater electrification of our energy systems and produces green hydrogen at high efficiencies as a route to decarbonise emissions-intensive industries such as steelmaking, ammonia and future fuels. Ceres is listed on the London Stock Exchange ("LSE") (LSE: CWR) and is classified by the LSE Green Economy Mark, which recognises listed companies that derive more than 50% of their activity from the green economy. Read more on our website www.ceres.tech or follow us on LinkedIn.

About Doosan Fuel Cell.

Doosan Fuel Cell is a subsidiary of Doosan Group, which has a history of over 129 years, making it the oldest conglomerate in South Korea. As a leading fuel cell solution provider with proprietary technology for the world’s first commercial fuel cell, Doosan Fuel Cell offers hydrogen solutions including PAFC (Phosphoric Acid Fuel Cell) and SOFC (Solid Oxide Fuel Cell). They provide integrated solutions encompassing the design, technology development, manufacturing, installation, operation, and maintenance of key fuel cell technologies such as stacks and systems. Doosan Fuel Cell, which established the world's first and largest hydrogen fuel cell power plant, is expanding its business area beyond stationary power to include mobility through marine models. The company is committed to addressing climate change and achieving Net-Zero. For more details, please visit its website at www.doosanfuelcell.com or follow it on LinkedIn.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6bb6588b-f3d3-4611-92d0-e35ec2ad07c4 

SOURCE: Ceres Power Holdings plc

AM Best Affirms Superior Ratings Of South Korea's DB Insurance

KUALA LUMPUR, July 22 (Bernama) -- AM Best has affirmed the financial strength rating of A+ (Superior) and the long-term issuer credit rating of “aa-” (Superior) of South Korea-based DB Insurance Co Ltd (DBI), with a stable outlook.

In a statement, the global credit rating agency said the credit ratings (ratings) reflected DBI’s very strong balance sheet, strong operating performance, favourable business profile and appropriate enterprise risk management.

The company’s risk-adjusted capitalisation remains at the strongest level, as measured by Best’s Capital Adequacy Ratio, and is expected to remain resilient despite headwinds such as interest rate fluctuations.

This resilience is supported by DBI’s robust internal capital generation, sound asset-liability management and low reliance on supplementary capital securities such as hybrid bonds and subordinated debts.

Its underwriting performance continues to outperform domestic peers, supported by a relatively low combined ratio and stable investment income, and it is expected to benefit from steady growth in its contractual service margin, aided by a favourable new business margin in its long-term insurance segment.

The company’s auto insurance line is projected to remain profitable, while volatility in the general property and casualty segment, due to recent overseas natural catastrophes, is expected to be manageable following mitigation efforts.

DBI’s investment income, largely derived from stable interest returns on its fixed-income portfolio, continues to bolster its earnings.

The company holds a market share of approximately 19 per cent in South Korea’s non-life insurance sector, supported by a strong brand presence and a diversified portfolio spanning long-term, auto and general insurance.

Its business profile is further enhanced by its subsidiary, DB Life Insurance Co Ltd, and recent overseas expansion through the acquisition of two non-life insurers in Vietnam.

-- BERNAMA

Airwallex Recognised as a Company of Good for Commitment to Corporate Purpose and Social Impact in Singapore

SINGAPORE, July 21 (Bernama-BUSINESS WIRE) -- Airwallex, a leading global financial platform for modern businesses, has been recognised as a Company of Good (COG) by the National Volunteer & Philanthropy Centre (NVPC) for its meaningful and growing contributions to corporate purpose and community impact in Singapore.

This national recognition affirms Airwallex’s ongoing commitment to building a more inclusive and sustainable future through purposeful business practices, in line with the Forward Singapore movement and COG’s five pillars: People, Society, Governance, Environment, and Economic.

“At Airwallex, purpose is central to our mission,” said Lucy Liu, Co-founder and President, Airwallex. “We’re proud to be recognised as a Company of Good and to do our part in strengthening the communities in which we live and work. We believe innovation and impact go hand in hand – and we’ll continue finding new ways to use our time, product, and expertise to drive economic empowerment, inclusion, and opportunity.”

Airwallex Impact: Turning purpose into action

Airwallex’s recognition is a strong endorsement of Airwallex Impact, its global social impact programme launched in late 2024, grounded in the company’s pledge to the Pledge 1% movement – a global initiative that encourages companies to commit 1% of equity, product, profit, and employee time for the greater good.

Since committing to Pledge 1%, over 120 Airwallex employees globally have contributed volunteer days across a diverse range of activities in the first half of 2025 – a 58% uplift compared to the whole of 2024.

Through Airwallex Impact, the company will continue to deliver volunteering initiatives, forge social impact partnerships, and establish donation frameworks across its global offices, including its Singapore headquarters.

Creating lasting impact on the ground in Singapore

In Singapore, Airwallex employees have already begun making a tangible difference through a range of volunteering initiatives in 2025 that support youth empowerment, marine conservation, and environmental innovation. 

Highlights include: 

· Inspiring the next generation of tech leaders: In partnership with United Women Singapore’s Girls2Pioneers initiative, Airwallex hosted 16 aspiring young women for a hands-on FinTech & Career Readiness Workshop. The experience included crash courses in Engineering, Product, Commercial, Brand and People Operations – giving participants a real-world window into STEM careers.

· Marine conservation in action: Employees took part in a reef survey with Marine Stewards, contributing data to preserve Singapore’s marine biodiversity and protect its coastal ecosystems.

· Ocean clean-up initiative: Airwallex employees joined Ocean Purpose Project – a Pasir Ris-based social enterprise – for a half-day kayak clean-up and learning journey. Participants collected trash from the sea, explored a native seaweed farm, and learned how plastic waste is being converted into low-sulphur fuel and bio-stimulants to restore our oceans. 

Looking ahead: ‘Invest In Our Home’ with Endowus

Airwallex is also proud to be the Gold Partner for the upcoming Endowus Giving Machines (EGB) Campaign, running from August 2025 to January 2026. These islandwide “virtual giving machines” – which can be found at high traffic areas such as MRT stations, bus stops, malls and cinemas – enable individuals to make charitable donations to a wide range of causes. Since its launch, the initiative has raised nearly S$300,000 in donations for over 40 local charities. This year, EGB is held in conjunction with SG60, aligning with the theme of “Building Our Singapore Together” where contributions may be eligible for the SG Gives matching grant.

“We’re excited to partner with Airwallex on the Endowus Giving Machines campaign to make giving more accessible, visible and impactful across Singapore," said Gregory Van, Co-founder and CEO, Endowus. "Airwallex’s commitment to social impact aligns with our shared belief that finance can be a force for good – not just in building wealth, but in enabling broader social impact. Together, we’re empowering more people to support meaningful causes that they care about in simple, everyday ways."

As Airwallex continues to grow in Singapore and across the region, its focus remains clear: to create long-term value for businesses, communities and the broader economy by pairing world-class financial infrastructure with strong corporate purpose.

About Airwallex

Airwallex is a leading financial platform building the future of global banking for modern businesses. By combining proprietary infrastructure with software and AI, Airwallex is reimagining how businesses manage accounts, access capital, control spend, and embed financial services.

Designed to replace fragmented, legacy systems, Airwallex offers a unified platform for global financial operations – providing everything from multi-currency business accounts to payments to spend management and embedded financial products.

Founded in Melbourne and trusted by over 150,000 businesses worldwide – including TikTok, Rippling, Navan, Qantas, and SHEIN – Airwallex is powering a new era of global banking without borders.

Learn more at www.airwallex.com

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Contact 

For further information
If you have any questions or would like to request further information, please contact press@airwallex.com. 

Source : Airwallex 

--BERNAMA

DATAVAULT AI JOINS FORCES WITH BURKE PRODUCTS IN MAJOR DEFENCE TECH ALLIANCE

KUALA LUMPUR, July 23 (Bernama) -- Datavault AI Inc, has announced a strategic partnership with Burke Products (Burke), a minority-owned Tier 1 supplier to Lockheed Martin, Raytheon Technologies, the United States (US) Department of Defense, and allied international forces.

Burke's existing agreements will contract Datavault AI to engineer and produce advanced solutions, with revenue recognition expected from 2025. The partnership is poised to expand into productised offerings by 2026.

Datavault AI Co-Founder and Chief Executive Officer (CEO), Nathaniel T. Bradley said this collaboration brings together the strength of its platforms with Burke’s legacy and capabilities, establishing a strategic contracting partner ready to deliver purpose-built innovations at critical moments.

Meanwhile, Burke CEO, Aaron Bakhshi described the partnership as a “transformative step” that aligns innovation with mission-critical defence standards, and the inclusion of Datavault AI's solutions would redefine product innovation across their client base.

Both firms aim to drive the future of national defence through integrated technologies built for secure, high-performance environments, according to a statement.

Burke has subcontracted multiple opportunities to Datavault AI under a global agreement framework, enabling both firms to respond to private and public tenders for defence and aerospace projects with agility and scale.

Military-grade engineering is already underway, integrating Datavault AI’s proprietary data technologies and patented ADIO tone systems into Burke’s existing manufacturing and engineering operations. It aims to accelerate deployment of next-generation defence technologies.

The tie-up comes as global defence spending is forecast to surpass US$2.2 trillion in 2025, with rising demand for secure data solutions, predictive intelligence, and advanced communication systems. (US$1=RM4.21)

In its first phase, the partnership will deploy ADIO tone technologies, with future expansion into predictive analytics, logistics, and management to enhance component authentication and supply chain security.

-- BERNAMA

AM Best Assigns Credit Ratings to Military Insurance Corporation

 

SINGAPORE, July 21 (Bernama-BUSINESS WIRE) -- AM Best has assigned a Financial Strength Rating of B++ (Good), a Long-Term Issuer Credit Rating of “bbb” (Good) and a Vietnam National Scale Rating (NSR) of aaa.VN (Exceptional) to Military Insurance Corporation (MIC) (Vietnam). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect MIC’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings also factor in a neutral impact from the company’s ultimate parent, Military Commercial Joint Stock Bank (MB).

MIC’s balance sheet strength assessment is underpinned by the strongest level of risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR). MIC benefits from good financial flexibility, with a demonstrated track record of capital injections over the last 10 years. Its track record of robust internal capital generation is also viewed to be supportive of capital requirements arising from planned business growth. In addition, the company has a conservative investment strategy, with the majority of investments held in cash, term deposits and fixed-income securities. Exposure to large risks and natural catastrophes is mitigated through MIC’s reinsurance programme, whereby reinsurance counterparties are generally of good credit quality.

AM Best assesses MIC’s operating performance as adequate, with a five-year average return-on-equity ratio of 11.2% and a combined ratio of 98.5% (2020-2024). The company’s stable stream of interest income from term deposits and bonds remains an important contributor to its overall earnings. However, the company posted an underwriting loss in 2024, mainly driven by Typhoon Yagi and other one-off factors. It also reported a return to underwriting profitability in first-quarter 2025. Prospective business expansion in wholesale lines is expected to support an improvement in overall results.

AM Best assesses MIC’s business profile as neutral. MIC ranked fourth by gross premiums written in Vietnam’s non-life insurance market, with approximately 6.3% market share in 2024. The company’s premium mix is moderately diversified with key business lines being motor, health, personal accident, property and engineering insurance. MIC has a vast distribution network, including bancassurance, internal salesforce and external agents. Furthermore, MIC benefits from both common branding and preferential access to customers of MB.

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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Contact

Ken Lau
Senior Financial Analyst
+65 6303 5025
ken.lau@ambest.com

Chris Lim, CFA
Associate Director
+65 6303 5018
chris.lim@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

Source : AM Best

Mapxus, Ricoh Join Forces To Revolutionise Indoor Mapping with 360-degree Cameras

KUALA LUMPUR, July 18 (Bernama) -- Hong Kong-based Mapxus Technology (Mapxus) has entered into a strategic technology partnership with Ricoh Company Ltd (Ricoh) to enhance indoor digital mapping and 360-degree panoramic applications across the Asia-Pacific region.

According to a statement, the collaboration will integrate Mapxus’ indoor navigation and spatial data platform with Ricoh’s "RICOH360" cloud platform, which uses imagery from the "RICOH THETA" 360-degree camera.

The partnership aims to simplify the creation of indoor navigation systems and virtual tours by streamlining workflows, improving data acquisition, and delivering real-time spatial visualisation.

By combining Ricoh’s imaging technology with Mapxus’ artificial intelligence (AI)-driven indoor mapping, users will benefit from a seamless end-to-end solution from image capture to indoor navigation.

Through the partnership, both companies aim to deliver efficient indoor data acquisition using 360-degree cameras, enable intuitive image capture and automatic uploads via the THETA Twin device, and support flexible data utilisation through the RICOH360 Cloud. 

The collaboration will also allow for real-time data processing and visualisation, the development of adaptive mapping technologies, and a significantly enhanced experience for users navigating indoor environments or viewing virtual tours.

The collaboration is expected to accelerate innovation in digital twin technologies and provide practical insights for industries adopting indoor spatial intelligence.

Mapxus, a leading provider of indoor mapping solutions, develops scalable technologies using multi-sensor fusion, Wi-Fi fingerprinting and AI to support industries ranging from retail and transport to healthcare and construction.

Ricoh, a pioneer in 360-degree image and video solutions since the launch of RICOH THETA in 2013, has expanded its offerings through the RICOH360 platform, which integrates hardware, software and cloud services for streamlined data use.

-- BERNAMA

EAACI Congress 2025 Marks Turning Point In Allergy, Immunology

KUALA LUMPUR, July 17 (Bernama) -- The leadership of European Academy of Allergy and Clinical Immunology (EAACI) is reflecting on what they describe as a pivotal moment for the field, a month after the conclusion of EAACI Congress 2025 in Glasgow.

The congress is being hailed as a turning point in allergy and immunology, making headlines not only for its scale but also for the bold, forward-thinking message delivered by its leadership. Over 7,600 delegates attended.

Held from June 13 to 16 at Scottish Event Campus, the event embraced the theme, “Breaking Boundaries in Allergy, Asthma, and Clinical Immunology: Integrating Planetary Health for a Sustainable Future”, according to a statement.

“This year’s Congress was a turning point. We are entering an era where scientific innovation, equity in care, and environmental health must move forward together,” said EAACI President, Prof Maria Torres.

Meanwhile, EAACI Vice President Congresses, Prof André Moreira said: “The spirit of collaboration we witnessed in Glasgow was extraordinary. This energy is now translating into real-world initiatives and global partnerships.”

The programme featured over 250 hours of lectures, workshops, and symposia, covering groundbreaking advances in drug allergy, T2 inflammation, paediatric asthma, and hereditary angioedema.

A Presidential Symposium on antimicrobial resistance adopted a One Health approach, while a standout session on climate change and insect allergy spotlighted the ecological challenges reshaping patient care.

Beyond the conference halls, the congress activated the city of Glasgow through community engagement initiatives. The Clinical Village at the Glasgow Science Centre welcomed the public for interactive allergy education, and the Beat Allergy Walk & Run raised funds for the Glasgow Children’s Hospital Charity, exemplifying EAACI’s commitment to public health and outreach.

EAACI 2025 also reinforced its priorities in mentorship, digital health innovation, and patient empowerment, signalling a holistic approach to the future of allergy and clinical immunology.

As the countdown begins for EAACI Congress 2026 in Istanbul, the society promises a full year of scientific engagement, including focused meetings and hands-on courses.

-- BERNAMA