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Fuel cells developer Ceres Power sees first-half revenues more than triple, aims for them to at least double for full-year

For the six months ended 31 December 2016, Ceres saw its revenue and other operating income jump to £1.551mln, up from £0.453mln a year earlier,

Ceres Power fuel cells
Ceres said that three new evaluation agreements are underway with potential future partners

Steel fuel cells developer Ceres Power Holdings PLC (LON:CWR) saw its first-half revenues more than triple, and is aiming for them to at least double for its full-year as it looks to sign up more partners.

For the six months ended 31 December 2016, Ceres saw its revenue and other operating income jump to £1.551mln, up from £0.453mln a year earlier, with its operating loss remaining steady at £6.242mln, against £6.235mln a year earlier.

The group said its order book was £4.8mln as at the end of December, and added that three new evaluation agreements are underway with potential future partners.

WATCH: Ceres Power boss on excellent six months ... 

During the first half, Ceres signed two new development agreements, bringing the total to four including with Japanese giants  Honda and Nissan, US engineer Cummins Inc, and a further unnamed global manufacturer.

The group also inked its first 'go-to-market' agreement signed with the global manufacturer to develop and launch its highly efficient combined heat and power product for business markets.

More partners …

Phil Caldwell, Ceres Power’s CEO said: "We said we would sign five partners by the end of 2017 and with four to date we are on track to do just that, plus we have three new evaluation agreements and a strong pipeline with a series of international prospective partners.

“With a forward order book of £4.8mln and a successful fundraising secured, we are in a strong position to capitalise on significant market opportunities.”

He added: “As the world wrestles with the growing challenge of a decarbonising and decentralising energy system, our proven SteelCell™ technology, and our work with global power specialists, shows Ceres Power is capable of providing a cheaper, cleaner, distributed alternative to centralised power generation."

Quick facts: Ceres Power Holdings PLC

Price: 1070 GBX

LSE:CWR
Market: LSE
Market Cap: £1.86 billion
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