Ceres Power Holdings plc Trading Update (6081N)
January 24 2023 - 1:00AM
UK Regulatory
TIDMCWR
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
GBP21 million
-- Gross margin for the year expected to be around 60%
-- Cash and short-term investments were approximately GBP182 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 or contact:
Ceres Power Holdings plc
Elizabeth Skerritt Tel: +44(0)7932 023 283
Investec Bank PLC (NOMAD & Joint
Broker) Tel: +44 (0)207 597 5970
James Rudd /Patrick Robb /Ben Griffiths
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
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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END
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