Trading and JV Update

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 or contact:

Ceres Power Holdings plc Elizabeth Skerritt	Tel: [phone]
Investec Bank PLC (NOMAD & Joint Broker) Jeremy Ellis/ Patrick Robb/ Ben Griffiths	Tel: [phone]
Berenberg (Joint Broker) Ben Wright/ Mark Whitmore	Tel: [phone]
Madano (Financial PR) William Hyslop/ Chloe Sanderson	Tel: [phone]

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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