TIDMCWR
RNS Number : 5253G
Ceres Power Holdings plc
27 July 2021
27 July 2021
Ceres Power Holdings plc
Trading Update
PROGRESS IN POWER DELIVERS 90% REVENUE GROWTH
HYDROGEN STRATEGY DRIVES FUTURE BUSINESS EXPANSION
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 interim results for the six months
ended 30 June 2021, which will be released on Thursday 30 September
2021.
Financial Highlights
- Revenue and other operating income for the six months to 30
June 2021 will be around GBP17 million, up from GBP8.9 million in
the prior period, with consistently high gross margin
- Order book and pipeline* were GBP42 million and GBP44 million
respectively, compared to GBP54 million and GBP44 million at 31
December 2020, as contracts have been recognised as revenue
- We are on track to be in line with revenue consensus estimates
of GBP31.5 million for the 12 months ending 30 December 2021,
subject to no significant constraints on our operation as a result
of the pandemic
- Successfully raised GBP181 million in March through the
placing of 17,067,580 new ordinary shares. Weichai Power and Bosch
both supported the fundraising with full participation
- Cash and short-term investments were approximately GBP263 million as at 30 June 2021
Commercial Highlights
- A new joint development programme has commenced with Weichai
Power for a 30kW stationary power module, expanding the scope of
the agreement alongside transportation
- Positive progress on the establishment of the joint venture
with Weichai Power in China, despite some earlier slippage in
timing of the technical programme. The new programme for a
stationary power module reinforces the strong working relationship
between the two companies and both parties are aiming to form the
JV by the end of the 2021
- Bosch has stated that it will invest EUR400 million into its
solid oxide fuel cell business, including manufacturing capacity,
between now and 2024. It plans to put nearly 100 small-scale fuel
cell power stations into operation this year, which will generate
electricity for data centres, industrial firms and residential
neighbourhoods
- The strategic collaboration with engineering consultancy AVL
is progressing well, with three early-stage pieces of work begun
with partners and a strong pipeline of future opportunities
- Doosan signed a memorandum of understanding with Korea
Shipbuilding & Offshore Engineering, the shipbuilding division
of Hyundai Heavy Industries, to jointly develop a solid oxide fuel
cell system based on Ceres' proprietary SOFC stack technology that
will provide cleaner power for ships
Strategy Update
- Work is going well on our first-of-a-kind solid oxide
electrolyser (SOEC) 1MW-scale demonstrator to be operational in
2022. We have seen strong interest from commercial partners,
seeking to unlock green hydrogen opportunities for close
integration with industrial and energy generation processes
- Investment in the business continues and we have recruited
over 100 new employees in H1 2021 and strengthened the Board with
the additions of Tudor Brown and Professor Dame Julia King,
Baroness Brown of Cambridge as Non-Executive Directors
*Order book refers to confirmed contracted revenue and other
income while pipeline is contracted revenue and other income which
management estimate is contingent upon options not under the
control of Ceres.
Phil Caldwell, Chief Executive Officer of Ceres commented:
"It has been another period of significant growth for Ceres with
strong and meaningful strides from our partners. In addition, we
successfully raised GBP181m to pursue a broader strategy in
electrolysis for green hydrogen and to double the addressable
market for our solid oxide technology. "
Ends
For further information visit ceres.tech or contact:
Ceres Power Holdings plc Tel: +44 (0)7932 023
Elizabeth Skerritt 283
Investec Bank PLC (NOMAD & Joint Tel: +44 (0)207 597 5970
Broker)
Jeremy Ellis / Patrick Robb/ Ben
Griffiths
Berenberg (Joint Broker) Tel: +44 (0)203 207 7800
Ben Wright / Mark Whitmore
Madano Tel: +44 (0)20 7250 1446
Harry Spencer/ Lewis Popplewell
About Ceres Power
Ceres is a world-leading developer of next generation solid
oxide fuel cell (SOFC) and electrochemical technology. 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 South Korea, to develop systems and products
that address climate change and air quality challenges for
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTFLFSADLIRFIL
(END) Dow Jones Newswires
July 27, 2021 02:00 ET (06:00 GMT)
Ceres Power (LSE:CWR)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Ceres Power (LSE:CWR)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
