Ceres Power Holdings plc Trading update (6787A)
24 Janeiro 2024 - 4:00AM
UK Regulatory
TIDMCWR
RNS Number : 6787A
Ceres Power Holdings plc
24 January 2024
CWR.L
24 January 2024
Ceres Power Holdings plc
("Ceres", the "Company")
Trading update
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 2023, which will be released
on Wednesday 20 March 2024.
Financial
-- Revenue for the year ended 31 December 2023 is in line with
previous guidance at approximately GBP21-22 million (2022: GBP22
million)
-- Gross margin for the year is expected to be around 60% (2022: 59%)
-- Cash and short-term investments were approximately GBP140 million as at 31 December 2023
Current trading and outlook
-- Signed significant new fuel cell and electrolysis license
with Delta Electronics on 18 January 2024, which includes staged
revenues of GBP43 million to Ceres through technology transfer and
licensing, of which approximately half is expected to be recognised
as revenue in 2024. Initial production by Delta is expected to
start by the end of 2026.
-- Our electrolysis programme is progressing well. The 1MW-scale
electrolyser successfully completed testing in Germany and is now
en-route to partner Shell's site in India. The Ceres team is now
developing the next product concept for a 4-5MW modularised system,
which would facilitate larger scale installations.
-- Construction of the Bosch and Doosan factories continues to
progress, however the launch of commercial fuel cell systems is now
expected to take longer, with initial royalties anticipated from
2025 onwards.
-- We were not able to conclude the planned China JV in 2023.
Whilst we continue to maintain strong relationships with both Bosch
and Weichai it is now our belief that the proposed JV is unlikely
to be completed in its current form. However, we are evaluating
other options with Weichai to address the China market. We will
update the market on our progress at the appropriate time.
-- With the new license deal with Delta, we have confidence at
this early stage of the year to at least double revenues in 2024,
compared to 2023, based on existing contracts.
Phil Caldwell, Chief Executive Officer of Ceres commented, "It
is great to kick off the new year with a significant new license
deal with Delta, our first to include SOEC, and further validation
of our strategy to invest in our green hydrogen technology. We
start 2024 with a strong cash position and a growing pipeline of
opportunities to work with progressive partners to adopt our
technology to decarbonise our global energy systems."
Ends
For further information visit www.ceres.tech or contact:
Ceres Power Holdings plc
Elizabeth Skerritt Tel: +44(0)7932 023 283
Email: elizabeth.skerritt@cerespower.com
FTI Consulting (Financial PR) Tel: +44 (0)203 727 1000
Dwight Burden / Ben Brewerton Email: ceres_power@fticonsulting.com
About Ceres
Ceres is a leading developer of clean energy technology;
electrolysis for the creation 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, Shell and Weichai. Ceres' solid oxide
platform 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,
cement 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.
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END
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