HORSHAM, UK: Ceres Power Holdings plc (CWR.L), a global leader in the development of clean energy technologies, has proudly announced its financial results for the fiscal year ending December 31, 2023. The company has reported a significant increase in revenue, gross profit, and investment in research and development, highlighting its commitment to innovation and the acceleration of commercial electrolysers.

Ceres Power’s revenue saw an uptick to £22.3 million, up from £19.8 million in the previous year. The company’s gross profit also rose to £13.6 million, maintaining a sector-leading gross margin of 61%. This growth is attributed to the company’s strategic focus on driving innovation and commercial acceleration in electrolysers.

The company’s investment in research and development increased by 11% to £54.0 million, reflecting its dedication to advancing clean energy solutions. Ceres Power also reported a strong cash and short-term investments position of £140.0 million, with a reduced cash outflow of £42.4 million through disciplined working capital and cash management.

Several strategic milestones were achieved during the year, including:

• Bosch’s power units, based on Ceres’ technology, received approximately €160 million in European funding to support series ramp-up and mass production.
• Doosan’s 50MW stack factory in South Korea completed factory acceptance testing and machine installation, with commissioning on schedule for 2024.
• The second-generation stack design passed a critical design review, offering performance and cost improvements to license partners.
• The electrolysis program made significant progress, with the megawatt-scale electrolyser demonstrator completing testing in Germany and arriving at partner Shell’s R&D center in Bangalore, India.
• Ceres Power graduated to the Main Market of the London Stock Exchange in June 2023.

Phil Caldwell, Chief Executive Officer of Ceres, said: “After a challenging 2023, Ceres is already on track for a strong year in 2024, underpinned by a significant new licence deal with Delta, our first to include SOEC. This is further validation of our strategy to accelerate investment into SOEC our green hydrogen technology and adds to our series of world class partnerships as we continue to scale our business globally.”

Looking ahead, Ceres Power has signed a significant new fuel cell and electrolysis license with Delta Electronics in January 2024. This agreement includes staged revenues of £43 million through technology transfer and licensing, with approximately half expected to be recognized as revenue in 2024. Initial production by Delta is anticipated to commence by the end of 2026.

With these developments, Ceres Power expresses confidence in its ability to approximately double revenues in 2024 from existing partnerships, compared to the previous year.