Fuel cell developer Ceres Power PLC (LON:CWR) hailed its most successful year to date as revenues more than doubled.
Phil Caldwell, chief executive, said the group was ahead of expectations financially, which has enabled it accelerate the technical development of its SteelCell technology.
WATCH: Ceres Power on track financially and commercially after fantastic year
It is now looking at new applications within its traditional markets of residential, commercial and electric vehicles.
SteelCell differs from other fuel cell technologies as it is able to handle a variety of feedstock including hydrogen, syngas, natural gas and biofuel, a range that analysts suggest makes it the most cost-effective fuel cell solution currently available.
Caldwell added that that ‘global demand for low carbon, flexible, near zero emission technologies such as ours has never been stronger’.
Ceres already has collaborations with car makers Honda and Nissan and engineer Cummins (for data centre applications) while a residential power collaboration with an unnamed manufacturer was signed in May.
READ: Ceres Power's trial shows its technology is reliable and saves money in the home
A fifth partner is expected to be signed up by the end of the year, said Caldwell.
Revenue and other income in the year to June rose to £4.1mln (£1.7mln), while underlying losses reduced to £10.3mln from £11.5mln, the company said in a statement.
Orders at the year-end were worth £3.2mln, while cash holdings were £17.2mln.