Ceres Power Holdings - Trading Update
CONTINUED FINANCIAL GROWTH AND OPERATIONAL PROGRESS DESPITE COVID-19
CLEAN TECHNOLOGIES TO PLAY A STRATEGIC ROLE IN ECONOMIC RECOVERY
The Group has recorded another period of significant growth across all areas of the business alongside continued commercial and operational progress.
· Revenue and other operating income for the 12-month period to
· Cash and short-term investments were approximately
· Bosch has commenced manufacturing of Ceres' cell technology at its pilot facility in
· Now investing in higher power applications and further development in electrolysis on the back of the
· Commissioning of the new
· Work is progressing well with new and existing customer programmes despite some initial disruption during Covid-19
· Expect to sign new customer partnerships in the second half of the year as commercial demand remains strong
· Ceres plans to invest around
· Further investment in additional capacity at
· Ceres well placed to benefit from strategic role of clean technologies in economic recovery
Employee wellbeing has remained our main priority and we have supported our people with choices around working hours to fit within their personal circumstances. The company has not made use of the government furlough scheme and has continued to recruit over the past few months to support increased demand for Ceres' technology.
Around 60% of Ceres' 300 employees have successfully worked remotely during the lockdown period. The resultant reduction in numbers at our premises has allowed the remaining 40% of our staff, who must be onsite some or part of the time to perform their roles, to do so safely, and to ensure that, as a business, we are able to continue to progress customer projects and programmes, a significant achievement and testament to the dedication of our people.
Notwithstanding current restrictions on travel, we continue to find ways to work effectively with commercial partners and to progress new and existing programmes. We have maintained a smaller team onsite throughout the period and have continued to deliver fuel cells to support our customers globally.
The disruption from Covid-19, coinciding with the commissioning of our new facility at
There has been some impact on the supply chain due to market disruption stemming from Covid-19 related issues and the speed at which Ceres and our customers are able to work. However, we are managing these well and continue to hire new employees and our business remains strong.
Ceres has a strong balance sheet, with no debt and approximately
Hydrogen and Electrolysis
There has been increased interest in the role that innovative clean energy technologies can play in the post-Covid economic recovery, and the opportunities for Ceres' technology to support the decarbonisation of the energy system remain substantial.
Ceres has a unique, solid oxide electrochemical technology that delivers distinct advantages of robustness, efficiency, cost and as a fuel cell works on multiple fuels including natural gas and hydrogen. Over the past 18 months Ceres has established an industry leading position in solid oxide fuel cells for power generation. We have now demonstrated that our core technology can also be adapted to electrolysis, with encouraging results. This strengthens our view that Ceres' core technology will have many of the same advantages when used in reverse as a solid oxide electrolyser (SOEC) to produce hydrogen and as a pathway to synthetic fuels and, in time, green chemicals for industry.
In the period to 2021, Ceres will invest around
Continued momentum in hydrogen and electrolysis, strong targets and stimulus packages set at a State level in our key markets of
"I would like to thank the commitment shown by everyone at Ceres over the past few months and the support shown to us by our partners and suppliers. I am incredibly proud to work with a team of people who have continued to innovate in every aspect of our business; from progressing our customer products and programmes and commissioning new manufacturing output to applying rigorous R&D to new applications for our technology.
"If anything, the current pandemic has only intensified the urgency for climate action and I believe Ceres has a no-regrets fuel cell technology for power generation that is highly complementary to today's energy infrastructure, is hydrogen ready for the future, and can form a critical building block in achieving a net zero carbon future. The research and development we are undertaking today, to prove the technology as a solid oxide electrolyser, has been incredibly positive. We remain committed to maximising the future potential value for Ceres both in our existing power business and building our capability in hydrogen and synthetic fuels."
Financial year end
The Group intends to publish its interim results for the period ending
Further to the announcement on
· unaudited interim results for the 12 months to 30 June 2020 on
· audited final results for the 18-month period ended 31 December 2020 by the end of March 2021
· unaudited interim results for the six months to 30 June 2021 in late September 2021
· audited final results for the year ended 31 December 2021 by the end of March 2022
For further information visit www.ceres.tech or contact:
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Tel: +44 (0)7932 023 283
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Tel: +44 (0)207 597 5970
Berenberg (Joint Broker)
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Tel: +44 (0)203 207 7800
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Tel: +44 (0)20 7250 1446
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 China, Bosch in Germany, Miura in Japan, and Doosan in South Korea, to develop systems and products that address climate change and air quality challenges for transportation, industry, data centres and everyday living. Ceres is listed on the AIM market of the
This information is provided by RNS, the news service of the
Quick facts: Ceres Power Holdings PLC
Market Cap: £1.17 billion
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