Significant Progress Drives Growth And Investment For Future Scale

Ceres Power Holdings plc, a global leader in fuel cell and electrochemical technology, announces its final results for the year ended 31 December 2021.

Phil Caldwell, CEO of Ceres Power commented: “The recent global volatility has only served to highlight the urgency for energy security around the world, with governments under increasing pressure to decarbonise their societies and hydrogen now widely acknowledged as an essential part of the route to net zero. We need a different energy landscape and Ceres’ purpose to deliver technology that enables a clean and efficient energy future is absolutely aligned with that goal. We have made significant progress on our growth ambitions this year, to establish Ceres as a leading player in the sector.”

Financial highlights

Strong progress on major contracts has driven a 44% increase in revenue and other operating income to £31.7m for the year ended 31 December 2021 (CY 20201: £21.9m)
Increased gross profit of £20.3m (CY 20201: £14.6m) at sector-leading gross margin of 66% (CY 20201: 67%) driven by our IP licensing model
£250m of cash and investments as at 31 December 2021 (Dec 2020: £110m) following a successful fundraising in March netting proceeds of £179m to support growth into electrolysis for the production of green hydrogen

Strategic highlights

Building manufacturing scale globally
– After the year end, Weichai, Bosch and Ceres signed China JV Heads of Terms; aimed at a third global manufacturing centre

– Bosch to invest €400m into its solid oxide fuel cell (SOFC) business in Germany between now and 2024

– Doosan announced 143.7bn won (c.£89m) investment to build an SOFC stack manufacturing plant in Korea

Embedding Ceres’ technology in systems globally
– 30kW stationary power system development with Weichai, extends applications alongside transportation

– Bosch installing ~100 small-scale stationary fuel cell power plants across Germany

– Doosan preparing soft launch of its 10kW SOFC system using Ceres’ technology later in 2022

– Doosan signed a letter of intent with Shell and Hyundai Heavy Industries, to develop an SOFC marine system

Unique and valuable technology to address climate change
– First-of-a-kind solid oxide electrolyser (SOEC) 1MW-scale demonstrator in build to become operational in 2022

– Strong interest and discussions in progress with several potential commercial partners on SOEC

– Formation of Ceres Radar; first joint development with long-duration energy storage company RFC Power

Investment in our business
– Continued to attract and retain highly talented scientists and engineers, adding over 160 people in 2021

– “Investment in the future”2 increased to £34.9m (CY2020 £26.0m) driven by growth in SOEC investment

– Executive team strengthened with the addition of Eric Lakin (CFO), Deborah Grimason (General Counsel) and Caroline Hargrove (CTO)
Source: Ceres Power Holdings plc