Company
LON:CWR
Ceres Power Holdings PLC is a world-leading developer of electrochemical technologies: fuel cells for power generation, electrolysis for the creation of green hydrogen and energy storage. The company's asset-light, licensing model has seen it establish partnerships with some of the world's largest engineering and technology companies, such Bosch, Doosan, Shell and Weichai, to develop systems and products that address climate change for power generation, transportation, industry, data centres and everyday living.
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28 June 2022*A corporate client of Hybridan LLPDish of the dayJoiners:No Joiners Today.Leavers:Raven Property Group has left the Main Market.What’s cooking in the IPO kitchen?Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Ta
"Today's announcement with Shell is a hugely important step for Ceres," said Phil Caldwell, Ceres‘ chief executive
“With the market backdrop for hydrogen increasingly supportive, we remain conviction buyers"
"Ceres now has the potential to address an even greater market for electrolysis"
“Ceres has a truly fascinating technology - and I am excited to be working with the board and the management team to capitalise on its many applications to support the energy transition agenda," she said in a statement.
The EU's plan foresees an annual 20.6MT of renewable hydrogen by 2030, which would require around 200GW installed electrolyser capacity from Europe and its neighbours
The European Commission President Ursula von der Leyen said the bloc needed to "act now to mitigate the impact of rising energy prices, diversify our gas supply for next winter and accelerate the clean energy transition"
"Ceres is making a significant investment in the UK, aligned with the Government's hydrogen strategy and principles"
Analysts at the European bank described 2021 as a 'rollercoaster' for hydrogen but said they are more confident looking ahead to the rest of 2022.
Analysts calculated that the last closing share price of 517p implied the group will reach circa £200mln in sales by 2035 - "however, we think it could be 5x higher"
Two separate joint ventures will be formed in Shandong Province
Meanwhile, JPMorgan expressed caution about European electrolyser OEMs and prefers “more fuel cell focused” H2 names
As of January 2022, 26 countries have national hydrogen strategies in place, of which half were launched in the past year and many include electrolyser capacity targets
Broker Liberum reiterated its 'buy' rating and house broker Berenberg saw several upcoming catalysts as likely
Korean partner Doosan is preparing for a soft launch of its first fuel cell product this year, and in December announced a £89mln investment to build fuel cell manufacturing plant to begin production in 2024
Companies will need to keep bid pipelines and order books ticking up to sustain share prices until regular profits are made
RFC Power specialises in developing novel flow battery chemistries for energy storage systems. Ceres will get a close look at the technology as it helps develop and commercialise it.
Eric Lakin is joining from Smiths Group, where most recently he was CFO at Smiths Interconnect
The company's shares were up 6% in early afternoon trading
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