REG - Ceres Power Holdings - Trading update for the year ended 31 December 2024

Ceres Power HoldingsAnnouncement

29/01/2025 07:00

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RNS Number : 0284V  Ceres Power Holdings plc  29 January 2025

CWR.L

 

29 January 2025

 

Ceres Power Holdings plc

("Ceres", the "Company")

 

Trading update for the year ended 31 December 2024

 

A record year in 2024 with strong commercial, strategic and technological
momentum

 

 

Horsham, UK: Ceres Power Holdings plc (CWR.L), a leading developer of clean
energy technology, today provides a post period end trading update ahead of
the announcement of its full year results for the year ended 31 December 2024.
 

 

Financial highlights

·    Record order intake greater than £110 million due to the signing of
two new manufacturing partners and an electrolyser system partner.

·    Revenue will be at the upper end of previous guidance, between
£55-60 million (2023: £22.3 million), an increase of approximately 150%
compared to 2023.

·    Gross margin for the year is expected to be between 78-80% (2023:
61%).

·    Business restructuring and cost optimisation completed in the autumn
will reduce the annualised cost base by approximately 15% going forward.

·    Cash and short-term investments were approximately £102 million as
at 31 December 2024 (2023: £140 million), in line with expectations.

 

Commercial highlights

·    Taiwan - Delta is progressing well towards manufacturing. Our first
licensee for both solid oxide fuel cell ("SOFC") and solid oxide electrolyser
cell ("SOEC") technology, Delta is evaluating factory designs, targeting the
growing data centre and industrial hydrogen markets.

·    Japan - Denso completed upfront technology transfer. Ceres has
successfully completed the upfront technology transfer to Denso Corporation
following its licence agreement in July.

·    India - SOEC commercialisation with Thermax underway. Using Ceres'
intellectual property, Thermax has begun developing assembly facility layouts
to accelerate market entry.

·    South Korea - Doosan production on track. Doosan factory
commissioning for SOFC stack and cell production is progressing towards
commercial launch, which is expected in H2 2025.

·    Ongoing partnerships. Bosch, Weichai and Shell continue to progress
with key product milestones achieved in 2024 including new higher power stack
and system development.

 

Phil Caldwell, Chief Executive Officer of Ceres commented, "2024 was an
exciting year for Ceres as we accelerated our commercial delivery with two new
major manufacturing licensees and continue to establish Ceres as the industry
standard through the adoption of our technology globally. Alongside our first
electrolyser partnerships, we now see increased opportunities for our power
technology resulting from the rising energy demand from AI data centres and
the strain on power grids from increased electrification.

 

The anticipated launch of first power system products through our partner
Doosan in late 2025 will mark a major milestone with the delivery of our first
royalties. As our technology becomes deployed at scale, we are positioned to
drive decarbonisation across a number of sectors globally. With a strong cash
position and commercial momentum, Ceres is well positioned for the years
ahead."

 

 

Ends

 

 

For further information visit www.ceres.tech
(https://protect.checkpoint.com/v2/r06/___http:/www.ceres.tech/___.ZXV3MjpuZXh0MTU6YzpvOmE0MTUwMmZlYzFhOTVlY2VlNDA2MTdmMTNjOWQ5YmE0Ojc6M2I3MDo2OGMzMmNkMWE0NTFmODhiYjYwNTcwYTNkODU0NDM4MzdjYjU5YjdiYzk0NjYzZGY1NjYxZjhmMWIwNjI3MDliOnA6VDpU)
 or contact:

 

 Ceres Power Holdings plc      Tel: +44(0)7884 654 179

 Patrick Yau/Merryl Black      Email: investors@cerespower.com (mailto:investors@cerespower.com)

 MHP Group (PR Advisor)        Tel: +44 (0)203 727 1000

 Reg Hoare/James McFarlane     Email: ceres@mhpgroup.com

 

About Ceres

Ceres is a leading developer of clean energy technology: electrolysis for the
production of green hydrogen and fuel cells for power generation. Its
asset-light, licensing model has seen it establish partnerships with some of
the world's largest companies, such as Bosch, Doosan, Delta, Denso, Shell,
Thermax and Weichai. Ceres' solid oxide technology supports greater
electrification of our energy systems and produces green hydrogen at high
efficiencies as a route to decarbonise emissions-intensive industries such as
steelmaking, ammonia and future fuels. Ceres is listed on the London Stock
Exchange ("LSE") (LSE: 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. Read more on our website www.ceres.tech
(https://protect.checkpoint.com/v2/r06/___http:/www.ceres.tech___.ZXV3MjpuZXh0MTU6YzpvOmE0MTUwMmZlYzFhOTVlY2VlNDA2MTdmMTNjOWQ5YmE0Ojc6ZGFiMzo2MDVkMjU5MmI0YzQzMTNjZDc2MTAwYTBlMmMyNTllZjM3MTczOTFmNDY4NDdlNWUxOTUzODk2NzU2N2U5NWRmOnA6VDpU)
or follow us on LinkedIn
(https://protect.checkpoint.com/v2/r06/___https:/www.linkedin.com/htrufsDdhjwjx-utBjwd___.ZXV3MjpuZXh0MTU6YzpvOmE0MTUwMmZlYzFhOTVlY2VlNDA2MTdmMTNjOWQ5YmE0Ojc6MWE1YjphMjZmNThlYTRlNWFhZjcxYTFjOTBiNTY3YTQ4YTcxNjQwMzg4Njc5MDBiYTYwNWVkZTE1ZjgwOGE0OTM2MjE1OnA6VDpU)
.

 

 

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