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Ceres Power losses widened as increased investment offsets revenue growth

By BFN News | 09:15 AM | Monday 28 September, 2020

Fuel cell and electrochemical technology company Ceres Power reported a wider losses as further investment into electrolysis for hydrogen offset a rise in revenue. For the 12 months ended 30 June 2020, pre-tax losses widened to £10 million from £7 million year-on-year as revenue and other operating income rose 21% to £19.9 million. The order book stood at £14m and pipeline at £54m as at 30 June 2020. 'Trading since the period end has remained strong with good commercial progress with our partners globally,' the company said. 'Bosch has now installed prototype products of its 10kW system utilising Ceres' technology at five locations in Germany while, despite an initial delay in the early part of 2020 due to the pandemic, good progress is now being made to validate Ceres' technology for transportation applications with Weichai's SOFC team in China,' it added. At 9:15am: (LON:CWR) Ceres Power Holdings PLC share price was -12.5p at 539.5p Story provided by

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