Ceres Power Holdings PLC (AIM:CWR, OTC:CPWHF) said revenues for the 2022 financial year will be in line with previous guidance at about £21mln, while gross margin for the period is expected to be around 60%.
The Horsham-based green energy firm added that the structure of its new joint ventures in China has now been agreed and awaits finalisation of the commercial arrangements between partners Bosch and Weichai.
A first 100kW electrolyser module is on test ahead of scaling into a 1MW demonstrator with the initial results indicating the technology can deliver green hydrogen at <40kWh/kg, or around 25% more efficiently than incumbent lower temperature alternatives.
Ceres Power soars on partnership with Bosch and Weichai to target Chinese fuel cell market
Ceres added its SOEC (solid oxide cells) technology evaluation programme with Shell is moving towards deployment later this year in India, while advanced discussions are underway with other potential partners.
A fuel cell and electrolysis test facility, developed with Horiba Mira at its West Midlands site, is also now open.
Phil Caldwell, Ceres’ chief executive, said: "These are just some highlights of another year of significant investment for growth at Ceres, despite a challenging macroeconomic backdrop.”
Ceres had cash and short-term investments of approximately £182mln at end-December 2022.