REG - Ceres Power Holdings - Trading and JV Update

Ceres Power HoldingsAnnouncement

13/01/2022 07:05

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RNS Number : 2808Y  Ceres Power Holdings plc  13 January 2022

CWR.L

 

13 January 2022

 

Ceres Power Holdings plc

 

Trading and JV Update

 

2021 performance lays strong foundations for continued future growth

 

Horsham, UK: Ceres Power Holdings plc ("Ceres", the "Company") (AIM: CWR.L), a
global leader in fuel cell and electrochemical technology, is pleased to
provide a post period end trading update ahead of the announcement of its full
year results for the 12 months ended 31 December 2021, which will be released
on Thursday 17 March 2022.

 

Financial

 

·    Revenue and other operating income for the 12 months to 31 December
2021 is expected to be in line with previous guidance at approximately £31.5
million, up 44% from £21.9 million in the prior calendar period, with
consistently high gross margin

·    Cash and short-term investments were approximately £250 million as
at 31 December 2021

 

Current trading and outlook

 

·    Weichai and Ceres remain committed to entering the Chinese market
with solid oxide fuel cell (SOFC) technology. Discussions on the planned
strategic relationship including a joint venture in China are progressing
positively and we look forward to providing a further update to the market as
soon as we are able to

·    Doosan completed the technology development of its 10kW SOFC system
using Ceres' technology and is preparing for a soft launch of the product
commercially in 2022. In December 2021, Doosan announced a 143.7 billion won
(c.£89 million) investment to build a 79,200sqm SOFC stack manufacturing
plant in South Korea to begin production in 2024

·    The Executive team strengthened with the appointments of Eric Lakin
as Chief Financial Officer and Caroline Hargrove as Chief Technology Officer,
as well as Deborah Grimason who becomes General Counsel & Company
Secretary on her appointment on Monday 17 January

·    The Company continues to build a strong pipeline of commercial
opportunities, including those linked to solid oxide electrolysis, and we
anticipate further announcements will be made as agreements are progressed and
signed

 

Phil Caldwell, Chief Executive Officer of Ceres: "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. We have
made good progress with our key strategic partners of Bosch, Weichai and
Doosan as they look to scale production of our technology globally, and with
the development of new partnerships. I look forward to providing further
updates on our commercial progress in the coming months."

 

Ends

 

 

 

 

For further information visit www.ceres.tech (http://www.ceres.tech) or
contact:

 

 Ceres Power Holdings plc                      Tel: +44 (0)7932 023 283

 Elizabeth Skerritt

 Investec Bank PLC (NOMAD & Joint Broker)      Tel: +44 (0)207 597 5970

 Jeremy Ellis/ Patrick Robb/ Ben Griffiths

 Berenberg (Joint Broker)                      Tel: +44 (0)203 207 7800

 Ben Wright/ Mark Whitmore

 Madano (Financial PR)                         Tel: +44 (0)7918 880 591/ +44 (0)7918 708 432

 William Hyslop/ Chloe Sanderson

 

 

About Ceres Power

 

Ceres is a world-leading developer of electrochemical technologies: fuel cells
for power generation, electrolysis for the creation of green hydrogen and
energy storage. Its asset-light, licensing model has seen it establish
partnerships with some of the world's largest engineering and technology
companies, such as Weichai in China, Bosch in Germany, Miura in Japan, and
Doosan in Korea, to develop systems and products that address climate change
for power generation, transportation, industry, data centres and everyday
living.  Ceres is listed on the AIM market of the London Stock Exchange
("LSE") (AIM: CWR) and is classified by the LSE Green Economy Mark, which
recognises listed companies that derive more than 50% of their activity from
the green economy.

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