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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As a result, Bosch's holding in Ceres will rise from 11.8% of the existing share capital to approximately 18.0% of the enlarged issued share capital
The broker said the firm’s plans to develop an electrolysis cell capability “make a lot of sense” as it was an area where “durable, low cost and high efficiency cells offer key advantages”
“At scale, Ceres should generate 40-50% operating margins, akin to ARM Holdings," said the London arm of the German private bank
Warren Finegold held the position of Group Strategy and Business Development Director and was a member of the Vodafone Group Executive Committee for 10 years
The funds will be used to research further uses for Ceres' solid oxide fuel cells and also diversify R&D activity towards electrolysis applications
The company has poured 16 years of research in technology powered by hydrogen, gas or a blend of both
In initial testing, the hydrogen CHP system achieved over 50% electrical efficiency with potential to reach 90%
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Orders were worth £28.4mln and the pipeline £50mln at the end of the year
The prototype marks the completion of an initial joint development agreement between the two firms, part of a deal signed in May last year
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Doosan is one of the world’s largest fuel cell developers, having secured over £676mln in orders last year
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The agreements with Bosch and Weichai Power have transformed the business
Liberum has initiated coverage on Ceres Power, which has developed a low-cost fuel cell called SteelCell
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