Ceres Power Holdings PLC (LSE:CWR, OTC:CPWHF) said it increased its investment in electrolysis to produce hydrogen and in other areas of green technologies by 19% to £30.6 million in the past six months.
Phil Caldwell, chief executive of the Horsham-based fuel cell and power group, said it was an important stage in the development of the business, adding it was making “rapid progress in the development of our game-changing electrolyser technology”.
Revenues in the half year to 30 June 2023 rose by 17% to £11.3 million, mostly from the fuel cells business which generated £10.6 million.
Losses for the half year were £26.3 million (£24.5 million), reflecting the higher spending and also delays in signing off the joint venture agreements in China with partners and major shareholders Bosch and Weichai.
Ceres added it does not expect any revenue to come through from these agreements this year.
“We continue to make good progress in other areas of the SOFC (fuel cells) business, particularly in our partnerships with Bosch and Doosan,” the statement added, with a scale manufacturing and new developments in the first megawatt-scale deployment of SOEC and its core cell, stack and system all expected shortly.
Cash holdings at the end of June totalled £161 million.