Ceres Power PLC said it expects to tie up definitive agreements for its joint ventures in China with major backers and shareholders Weichai and Bosch in the final quarter of 2022.
Heads of terms were signed in February for the ventures, which will see the establishment of a manufacturing facility in China for Ceres' solid oxide fuel cell technology.
Once the agreements have been signed the JVs will be established, which will now likely be in 2023, said today's statement.
Ceres added that most of the £30mln licence fee revenues associated with the China JVs will be recognised when the entities are established, whereas previously it had expected them to come through in 2022.
As a result, revenue in the second half of 2022 will be similar to the first half level leading to full-year 2022 revenue being lower than 2021.
Correspondingly, 2023's first half revenue is expected to be at significantly higher levels.
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Revenue and other operating income was £9.9mln (H1 2021: £17.4mln) in the six months to June 2022 with a gross profit of £5.3mln (£12.2mln).
Operating losses rose to £25.2mln (£7.6mln) as Ceres ramped up its R&D into electrolysis technology for green hydrogen.
During the half, it entered into a partnership with Shell to utilise solid oxide electrolyser cell technology to produce high-efficiency, low-cost green hydrogen.
Ceres held £222mln in cash at the period's end and reiterated that it plans to move to the premium segment of the main market from AIM.
Phil Caldwell, chief executive, added: "The China joint ventures represent an important milestone in our ambitions for Ceres' technology, not only in its mass deployment in systems and products for the significant Chinese market, but also accelerating the delivery of global manufacturing capacity.
"We are also growing the opportunity for Ceres with the investment in SOEC for green hydrogen and our first commercial opportunity for SOEC was announced in our partnership with Shell.
“These are steps towards our aim of establishing multiple mass manufacturing facilities and generating significant royalty revenue with multi-gigawatts of Ceres technology in production.
"Energy security and the transition to cleaner energy have never been so important to the way we live,” he said.