Ceres Power Holdings PLC (AIM:CWR, OTC:CPWHF) confirmed revenue for 2021 will be in line with guidance and progress is continuing with its major commercial partners in early 2022.
The developer of hydrogen-based solid oxide fuel cell (SOFC) and electrolysers said revenue is expected to come in roughly at £31.5mln for the past calendar year, up 44%.
Gross margin was “consistently high”, while cash and equivalents stood at close to £250mln at the end of December.
"We've had another year of strong growth in 2021 and made important strategic investments in our team, our partners and our technology to ensure that Ceres is well-positioned to take advantage of the global urgency for clean energy technologies,” chief executive Phil Caldwell said.
Caldwell highlighted the progress made with key strategic partners Bosch, Weichai and Doosan as they look to scale production of Ceres technology.
On the partnership with Weichai, Ceres said the pair “remain committed to entering the Chinese market” with SOFC technology. Discussions on the planned strategic relationship, including a joint venture in China, are “progressing positively”.
Ceres said Korean partner Doosan is preparing for a soft launch of its 10kW SOFC product this year. In December Doosan announced a £89mln investment to build a 79,200sq metre SOFC stack manufacturing plant in South Korea. Production is set to begin production in 2024.
Caldwell said progress was also made in developing new commercial partnerships, including some linked to solid oxide electrolysis.
“I look forward to providing further updates on our commercial progress in the coming months,” he said.