REG - Ceres Power Holdings - Trading Update

Ceres Power HoldingsAnnouncement

24/01/2023 07:00

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RNS Number : 6081N  Ceres Power Holdings plc  24 January 2023

CWR.L

 

24 January 2023

 

Ceres Power Holdings plc

 

Trading Update

 

 

2022 investments lay strong foundations for future growth in clean energy
solutions

 

Horsham, UK: Ceres Power Holdings plc ("Ceres", the "Company") (AIM: CWR.L), a
global leader in fuel cell and electrochemical technology, today provides a
post period end trading update ahead of the announcement of its full year
results for the year ended 31 December 2022, which will be released on Friday
24 March 2023.

 

Financial

 

·    Revenue and other operating income for the year ended 31 December
2022 is in line with previous guidance at approximately £21 million

·    Gross margin for the year expected to be around 60%

·    Cash and short-term investments were approximately £182 million as
at 31 December 2022

 

Current trading and outlook

 

·    The structure of the China joint ventures has been agreed. We now
await the resolution of a number of commercial points that are being finalised
between Bosch and Weichai. Ceres will update the market further on progress as
appropriate

·    First 100kW electrolyser module is on test ahead of scaling into a
1MW demonstrator. Initial results are positive and give confidence that this
technology can deliver green hydrogen at <40kWh/kg, around 25% more
efficiently than incumbent lower temperature technologies

·    Commercial team significantly expanded in 2022, with the SOEC
technology evaluation programme progressing well with Shell for deployment
later this year in India, and discussions at an advanced stage with potential
new partners

·    Ceres' fuel cell and electrolysis test facility, developed
with Horiba Mira at its West Midlands site in the UK, is now open and
supporting Ceres' core technology and system development

 

Phil Caldwell, Chief Executive Officer of Ceres: "These are just some
highlights of another year of significant investment for growth at Ceres,
despite a challenging macroeconomic backdrop. We remain focused on building a
world-leading team and capability in solid oxide fuel cells and electrolysis,
and partnering to deliver global deployment of our technologies at scale and
pace."

 

 

Ends

 

 

 

 

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

 

 Ceres Power Holdings plc

 Elizabeth Skerritt                               Tel: +44(0)7932 023 283

 Investec Bank PLC (NOMAD & Joint Broker)

 James Rudd /Patrick Robb /Ben Griffiths          Tel: +44 (0)207 597 5970

 Berenberg (Joint Broker)

 Ben Wright / Mark Whitmore                       Tel: +44 (0)203 207 7800

 FTI Consulting (Financial PR)                    Tel: +44 (0)203 727 1000

 Dwight Burden / Tom Reynolds                     Email: ceres_power@fticonsulting.com (mailto:Ceres_power@fticonsulting.com)

 

About Ceres

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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