07:00 Tue 27 Jul 2021
Ceres Power Holdings - Trading Update
Ceres Power Holdings plc
Trading Update
PROGRESS IN POWER DELIVERS 90% REVENUE GROWTH
HYDROGEN STRATEGY DRIVES FUTURE BUSINESS EXPANSION
Financial Highlights
- Revenue and other operating income for the six months to
- Order book and pipeline* were
- We are on track to be in line with revenue consensus estimates of
- Successfully raised
- Cash and short-term investments were approximately
Commercial Highlights
- A new joint development programme has commenced with Weichai Power for a 30kW stationary power module, expanding the scope of the agreement alongside transportation
- Positive progress on the establishment of the joint venture with Weichai Power in
- Bosch has stated that it will invest
- The strategic collaboration with engineering consultancy AVL is progressing well, with three early-stage pieces of work begun with partners and a strong pipeline of future opportunities
- Doosan signed a memorandum of understanding with Korea Shipbuilding & Offshore Engineering, the shipbuilding division of Hyundai Heavy Industries, to jointly develop a solid oxide fuel cell system based on Ceres' proprietary SOFC stack technology that will provide cleaner power for ships
Strategy Update
- Work is going well on our first-of-a-kind solid oxide electrolyser (SOEC) 1MW-scale demonstrator to be operational in 2022. We have seen strong interest from commercial partners, seeking to unlock green hydrogen opportunities for close integration with industrial and energy generation processes
- Investment in the business continues and we have recruited over 100 new employees in H1 2021 and strengthened the Board with the additions of
*Order book refers to confirmed contracted revenue and other income while pipeline is contracted revenue and other income which management estimate is contingent upon options not under the control of Ceres.
"It has been another period of significant growth for Ceres with strong and meaningful strides from our partners. In addition, we successfully raised
Ends
For further information visit ceres.tech or contact:
Ceres Power Holdings plc |
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Tel: +44 (0)7932 023 283 |
Investec Bank PLC (NOMAD & Joint Broker) |
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Tel: +44 (0)207 597 5970 |
Berenberg (Joint Broker) |
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Tel: +44 (0)203 207 7800 |
Madano |
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Tel: +44 (0)20 7250 1446 |
About Ceres Power
Ceres is a world-leading developer of next generation solid oxide fuel cell (SOFC) and electrochemical technology. Its asset-light, licensing model has seen it establish partnerships with some of the world's largest engineering and technology companies, such as Weichai in
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