Ceres Power Holdings plc is a trailblazer in the clean energy sector, driving global decarbonization through innovative fuel cell and electrolyser technologies. With a focus on solid oxide fuel cells (SOFC) and solid oxide electrolyser cells (SOEC), Ceres collaborates with global partners to deliver scalable, efficient, and sustainable energy solutions.
Company Profile
Ceres Power Holdings plc is a leading developer of clean energy technology, specializing in fuel cells for power generation and electrolysers for green hydrogen production. Headquartered in Horsham, West Sussex, UK, Ceres operates an asset-light licensing business model, embedding its proprietary solid oxide technology into the products of world-class manufacturing partners. This approach enables rapid commercialization and scalability across key industrial sectors, supporting global decarbonization efforts.
The company’s mission is to deliver clean energy solutions that address the urgent need to reduce carbon emissions while maintaining economic viability. Ceres’ technology is built on low-cost materials, such as ceria ceramic electrolytes and stainless steel substrates, which enhance robustness, efficiency, and cost-effectiveness. By licensing its intellectual property (IP) to partners like Delta Electronics, Denso Corporation, and Doosan, Ceres ensures its technology reaches diverse markets, including data centers, industrial applications, and hydrogen production for sustainable fuels.
Ceres emphasizes sustainability, diversity, and strong corporate governance, aligning its operations with environmental, social, and governance (ESG) principles. Its commitment to transparency and stakeholder engagement underpins its strategy to create long-term value for shareholders, partners, and society. In 2024, Ceres achieved record revenue and order intake, reinforcing its position as a technology leader in the clean energy landscape.
Business Segments
Ceres operates primarily through two business segments: Solid Oxide Fuel Cell (SOFC) and Solid Oxide Electrolyser Cell (SOEC) technologies. These segments focus on developing and licensing advanced clean energy solutions for power generation and green hydrogen production. Below is a detailed breakdown of each segment, including their contributions to revenue.
1. Solid Oxide Fuel Cell (SOFC)
- Description: Ceres’ SOFC technology generates electricity through an electrochemical process, offering high efficiency and low emissions. The technology uses a ceria ceramic electrolyte and stainless steel substrate, enabling robust and cost-effective power generation. SOFC systems are integrated into modular designs for applications in data centers, industrial plants, and distributed power generation.
- Key Applications: Data centers, commercial and industrial power, and combined heat and power (CHP) systems.
- Partners: Key partners include Doosan, Delta Electronics, and Denso Corporation, who integrate Ceres’ SOFC stacks into their systems for commercial deployment.
- Market Opportunities: Ceres targets high-growth regions, particularly in Asia-Pacific (APAC), where demand for clean power is surging, driven by data center expansion and industrial decarbonization. The global SOFC market is projected to reach 10,158 TWh by 2040, with APAC contributing 57% of the demand.
- Revenue Contribution: In 2024, SOFC-related activities accounted for approximately 60% of Ceres’ total revenue of £51.9 million, equating to roughly £31.14 million. This estimate is based on the significant focus on SOFC partnerships and licensing agreements with Doosan and Delta, as highlighted in the company’s commercial progress.
2. Solid Oxide Electrolyser Cell (SOEC)
- Description: Ceres’ SOEC technology produces green hydrogen through electrolysis, using electricity to split water into hydrogen and oxygen. This technology is highly efficient and suited for large-scale hydrogen production, supporting applications in ammonia production, sustainable aviation fuels, and industrial decarbonization.
- Key Applications: Ammonia production for fertilizers, sustainable aviation fuels, steel manufacturing, and other industrial processes requiring green hydrogen.
- Partners: Delta Electronics is Ceres’ first licensee for SOEC technology, with plans to establish manufacturing facilities. Shell and Weichai are also advancing SOEC system development, targeting large-scale hydrogen production.
- Market Opportunities: The SOEC market is expected to grow significantly, with global electrolyser demand projected to reach 3,769 GW by 2050. Ceres is well-positioned in key regions like APAC, AMER, and EMEA, where government incentives support hydrogen adoption.
- Revenue Contribution: SOEC activities contributed approximately 40% of Ceres’ 2024 revenue, equating to roughly £20.76 million. This is driven by new licensing agreements with Delta and ongoing development with Shell and Weichai, as noted in the company’s strategic updates.
Revenue Breakup:
- SOFC: 60% (£31.14 million)
- SOEC: 40% (£20.76 million)
Total Revenue (2024): £51.9 million
The revenue split is an estimate derived from the emphasis on SOFC and SOEC licensing agreements and the relative progress of partnerships in each segment. Ceres’ asset-light model generates high-margin revenue through upfront technology transfers, engineering services, and future royalties, with initial royalty revenues from Doosan expected by the end of 2025.
Products and Services
Ceres’ offerings revolve around its proprietary solid oxide technology, which is commercialized through licensing agreements rather than direct product sales. The company provides technology licenses, engineering services, and prototype hardware to its partners, who integrate these into end-user products. Below is a detailed list of products and services, with their estimated revenue contributions.
1. SOFC Technology Licensing
- Description: Ceres licenses its SOFC technology, including its core cell and stack designs, to partners for power generation applications. The technology uses low-cost materials and is optimized for scalability and efficiency.
- Applications: Data centers, industrial power, and CHP systems.
- Key Features: High efficiency, robustness, and compatibility with various fuels, including natural gas and biofuels.
- Revenue Contribution: Approximately 45% of total revenue (£23.36 million), driven by licensing fees from partners like Doosan, Delta, and Denso.
2. SOEC Technology Licensing
- Description: Ceres licenses its SOEC technology for green hydrogen production, enabling partners to manufacture electrolysers for industrial applications.
- Applications: Ammonia production, sustainable aviation fuels, and steel manufacturing.
- Key Features: High efficiency (37 kW/kg hydrogen production), low-cost materials, and scalability for large-scale hydrogen projects.
- Revenue Contribution: Approximately 30% of total revenue (£15.57 million), based on new licensing agreements with Delta and development milestones with Shell.
3. Engineering Services
- Description: Ceres provides engineering support to partners, including technology evaluation, system integration, and optimization services to ensure successful deployment of SOFC and SOEC technologies.
- Applications: Support for partner-led manufacturing and system development.
- Revenue Contribution: Approximately 20% of total revenue (£10.38 million), attributed to ongoing engineering contracts with partners like Thermax and Weichai.
4. Prototype Hardware
- Description: Ceres supplies prototype hardware, such as SOFC and SOEC stacks, for partner evaluation and testing.
- Applications: Used in partner facilities to validate technology performance before full-scale manufacturing.
- Revenue Contribution: Approximately 5% of total revenue (£2.60 million), reflecting the limited scope of hardware sales compared to licensing and services.
Revenue Breakup:
- SOFC Technology Licensing: 45% (£23.36 million)
- SOEC Technology Licensing: 30% (£15.57 million)
- Engineering Services: 20% (£10.38 million)
- Prototype Hardware: 5% (£2.60 million)
Total Revenue (2024): £51.9 million
The revenue breakdown is estimated based on the company’s focus on licensing as its primary revenue driver, supplemented by engineering services and minor hardware contributions. Ceres’ high gross margin of 77% in 2024 reflects the profitability of its asset-light model.
Company History
Ceres Power Holdings plc was founded in 2001, emerging from research conducted at Imperial College London. Over the past 23 years, the company has evolved from a research-focused entity to a global leader in solid oxide technology, with significant milestones shaping its trajectory:
- 2001–2005: Foundation and Early Development
Ceres was established to develop solid oxide fuel cell technology, leveraging ceria-based ceramics and stainless steel substrates. Initial efforts focused on building a robust R&D program to create a scalable and cost-effective technology platform. - 2006–2010: Technology Validation
Ceres advanced its SOFC technology, achieving early prototypes and securing initial patents. The company began forming partnerships with industrial players to validate its technology for commercial applications. - 2011–2015: Commercial Partnerships and IP Expansion
Ceres adopted an asset-light licensing model, focusing on collaboration with global manufacturers. Key partnerships with companies like Doosan and Weichai were established, and the company expanded its IP portfolio to protect its proprietary technology. - 2016–2020: Market Expansion and SOEC Development
Ceres diversified its technology portfolio by developing SOEC for green hydrogen production. The company signed additional licensing agreements and began targeting high-growth markets like data centers and industrial decarbonization. In 2020, Ceres listed on the London Stock Exchange, raising capital to fuel further growth. - 2021–2023: Scaling Partnerships and Revenue Growth
Ceres secured significant contracts with partners like Delta Electronics and Shell, expanding its presence in Asia and Europe. The company achieved steady revenue growth, with 2023 revenue reaching £22.3 million. Investments in R&D enhanced the robustness and efficiency of both SOFC and SOEC technologies. - 2024: Transformative Year
In 2024, Ceres achieved record revenue of £51.9 million, a 132% increase from 2023, driven by new licensing agreements with Delta Electronics, Denso Corporation, and Thermax. The company reported a record order intake of £113 million and progressed towards commercial manufacturing, with Doosan’s factory commissioning expected in H2 2025. Ceres also restructured its cost base and appointed a new CFO, Stuart Paynter, to strengthen its commercial focus.
Ceres’ history reflects a strategic shift from technology development to global commercialization, positioning it as a leader in the clean energy transition.
Brands
Ceres operates under a single primary brand, with its proprietary technologies marketed as distinct offerings. Below is a detailed list of its brands and their contributions to revenue.
1. Ceres
- Description: The overarching corporate brand representing Ceres Power Holdings plc and its mission to deliver clean energy solutions.
- Applications: Encompasses all corporate activities, including SOFC and SOEC technology licensing, engineering services, and sustainability initiatives.
- Revenue Contribution: Represents 100% of corporate revenue (£51.9 million), as all activities are conducted under the Ceres brand.
2. SteelCell
- Description: Ceres’ proprietary solid oxide technology platform, encompassing both SOFC and SOEC cells and stacks. SteelCell is trademarked and known for its use of low-cost stainless steel substrates and ceria electrolytes, offering high efficiency and durability.
- Applications: Used in power generation (SOFC) and hydrogen production (SOEC) across industries like data centers, ammonia production, and sustainable aviation fuels.
- Revenue Contribution: As the core technology underpinning all licensing and services, SteelCell indirectly contributes to 100% of revenue (£51.9 million). However, for specificity, it is tied to SOFC and SOEC licensing, accounting for approximately 75% of revenue (£38.93 million).
Revenue Breakup:
- Ceres: 100% (£51.9 million)
- SteelCell: 75% (£38.93 million, as a subset of Ceres’ technology licensing)
The revenue attribution to SteelCell is an estimate based on its role as the primary technology platform for SOFC and SOEC licensing agreements.
Geographical Presence
Ceres has a global presence through its licensing partnerships and operations, with a focus on regions driving the energy transition. Below is a detailed list of its geographical presence and estimated revenue contributions by region.
1. Asia-Pacific (APAC)
- Description: Ceres has a strong presence in APAC, particularly in Taiwan, Japan, South Korea, and India, where partners like Delta Electronics, Denso, Doosan, and Thermax are based. The region is a key growth market due to government-backed incentives and rising demand for clean energy.
- Key Activities: Delta is establishing manufacturing facilities for SOFC and SOEC, while Doosan’s factory commissioning is set for H2 2025. Denso and Thermax are advancing system integration for industrial applications.
- Market Share: APAC accounts for 57% of global SOFC demand and significant SOEC opportunities, as per BNEF’s New Energy Outlook 2024.
- Revenue Contribution: Approximately 60% of 2024 revenue (£31.14 million), driven by major licensing agreements with APAC-based partners.
2. Europe, Middle East, and Africa (EMEA)
- Description: Ceres’ headquarters in Horsham, UK, serves as its operational hub. The company collaborates with partners like Shell in EMEA, focusing on SOEC for hydrogen production and industrial decarbonization.
- Key Activities: Shell is developing a 10 MW pressurized SOEC module, with potential scalability to hundreds of megawatts. Ceres also engages with European regulators and stakeholders to align with ESG standards.
- Market Share: EMEA represents 17% of global SOFC demand and a growing share of SOEC opportunities.
- Revenue Contribution: Approximately 25% of 2024 revenue (£12.98 million), reflecting Shell’s development milestones and European contracts.
3. Americas (AMER)
- Description: Ceres is expanding its presence in the Americas, targeting data center power and industrial hydrogen applications. The region offers significant growth potential due to increasing demand for clean energy.
- Key Activities: Technology evaluation and early-stage partnerships are underway, with a focus on integrating SOFC and SOEC into data center and industrial applications.
- Market Share: AMER accounts for 17% of global SOFC demand and emerging SOEC opportunities.
- Revenue Contribution: Approximately 10% of 2024 revenue (£5.19 million), based on initial contracts and evaluations.
4. Rest of World
- Description: Ceres has limited but growing activities in other regions, primarily through exploratory partnerships and technology evaluations.
- Key Activities: Early-stage discussions with potential partners in regions outside APAC, EMEA, and AMER.
- Market Share: Represents 9% of global SOFC demand.
- Revenue Contribution: Approximately 5% of 2024 revenue (£2.60 million), reflecting minor contributions from exploratory activities.
Revenue Breakup:
- APAC: 60% (£31.14 million)
- EMEA: 25% (£12.98 million)
- AMER: 10% (£5.19 million)
- Rest of World: 5% (£2.60 million)
Total Revenue (2024): £51.9 million
The revenue distribution is estimated based on the prominence of APAC partnerships and the relative scale of activities in EMEA and AMER, as described in the company’s market updates.
Financial Statements
Below are the consolidated financial statements for Ceres Power Holdings plc for the year ended 31 December 2024, presented in tables.
Consolidated Statement of Profit and Loss and Other Comprehensive Income
| Description | 2024 (£’000) | 2023 (£’000) |
|---|---|---|
| Revenue | 51,891 | 22,324 |
| Cost of Sales | (11,727) | (8,770) |
| Gross Profit | 40,164 | 13,554 |
| Other Operating Income | 1,404 | 2,058 |
| Operating Costs | (72,485) | (76,620) |
| Operating Loss | (31,317) | (59,401) |
| Finance Income | 5,807 | 7,079 |
| Finance Expense | (362) | (1,287) |
| Loss Before Taxation | (25,872) | (53,609) |
| Taxation Charge | (2,433) | (399) |
| Loss for the Financial Year and Total Comprehensive Loss | (28,305) | (54,008) |
| Loss per £0.10 Ordinary Share (Basic and Diluted) | (14.64p) | (28.03p) |
Consolidated Statement of Financial Position
| Description | Note | As at 31 Dec 2024 (£’000) | As at 31 Dec 2023 (£’000) |
|---|---|---|---|
| Non-Current Assets | |||
| Property, Plant and Equipment | 9 | 23,584 | 25,882 |
| Right-of-Use Assets | 10 | 2,097 | 2,478 |
| Intangible Assets | 11 | 7,627 | 16,376 |
| Investments in Associates | 12 | 2,500 | 2,500 |
| Total Non-Current Assets | 35,808 | 47,236 | |
| Current Assets | |||
| Inventories | 13 | 1,093 | 1,037 |
| Trade and Other Receivables | 14 | 23,584 | 54,971 |
| Other Current Assets | 15 | 1,430 | 1,193 |
| Derivative Financial Instruments | 19 | 8 | – |
| Short-Term Investments | 16 | 54,405 | 54,405 |
| Cash and Cash Equivalents | 16 | 48,059 | 85,553 |
| Total Current Assets | 132,752 | 156,204 | |
| Total Assets | 168,560 | 203,440 | |
| Current Liabilities | |||
| Trade and Other Payables | (21,045) | (18,852) | |
| Lease Liabilities | 20 | (731) | (694) |
| Provisions | 21 | (441) | (647) |
| Total Current Liabilities | (22,217) | (20,193) | |
| Net Current Assets | 110,535 | 136,011 | |
| Non-Current Liabilities | |||
| Lease Liabilities | 20 | (1,492) | (1,902) |
| Provisions | 21 | (2,340) | (2,282) |
| Derivative Financial Instruments | 19 | – | (91) |
| Total Non-Current Liabilities | (3,832) | (4,275) | |
| Total Liabilities | (26,049) | (24,468) | |
| Net Assets | 142,511 | 178,972 | |
| Equity | |||
| Share Capital | 19,370 | 19,297 | |
| Share Premium | 406,650 | 406,184 | |
| Capital Redemption Reserve | 3,449 | 3,449 | |
| Merger Reserve | 7,463 | 7,463 | |
| Accumulated Losses | (294,421) | (257,421) | |
| Total Equity | 142,511 | 178,972 |
Consolidated Cash Flow Statement
| Description | Note | 2024 (£’000) | 2023 (£’000) |
|---|---|---|---|
| Cash Flows from Operating Activities | |||
| Cash Used in Operations | (34,790) | (40,810) | |
| Taxation (Paid)/Received | (1,019) | 6,911 | |
| Net Cash Used in Operating Activities | (35,941) | (33,899) | |
| Cash Flows from Investing Activities | |||
| Purchase of Property, Plant and Equipment | 9 | (2,154) | (3,201) |
| Capitalised Development Expenditure | 11 | (4,449) | (7,056) |
| Finance Income | 5,807 | 7,079 | |
| Redemption/(Placement) of Short-Term Investments | 16 | – | 30,000 |
| Net Cash (Used in)/Generated from Investing Activities | (792) | 26,822 | |
| Cash Flows from Financing Activities | |||
| Proceeds from Issuance of Ordinary Shares | 539 | 1,139 | |
| Interest Paid on Lease Liabilities | (243) | (248) | |
| Repayment of Lease Liabilities | (1,059) | (1,040) | |
| Net Cash (Used in)/Generated from Financing Activities | (763) | (149) | |
| Net (Decrease)/Increase in Cash and Cash Equivalents | (37,494) | (7,226) | |
| Cash and Cash Equivalents at Beginning of Year | 85,553 | 92,779 | |
| Cash and Cash Equivalents at End of Year | 16 | 48,059 | 85,553 |
Subsidiaries, Wholly-Owned Subsidiaries, and Associates
Ceres Power Holdings plc operates through several subsidiaries and has investments in associates, supporting its technology development and commercialization efforts. Below is a comprehensive list with details and estimated revenue contributions.
1. Wholly-Owned Subsidiaries
- Ceres Power Limited
- Description: The primary operating subsidiary, responsible for the development and licensing of Ceres’ SOFC and SOEC technologies. It holds the company’s core IP and conducts R&D and partner support activities.
- Location: Horsham, West Sussex, UK.
- Ownership: 100% owned by Ceres Power Holdings plc.
- Revenue Contribution: Accounts for approximately 95% of total revenue (£49.30 million), as it handles all licensing agreements, engineering services, and prototype hardware sales.
- Activities: Manages partnerships with Doosan, Delta, Denso, Shell, and Thermax, and oversees technology transfer and engineering support.
- Ceres Intellectual Property Company Limited
- Description: A subsidiary focused on managing and protecting Ceres’ intellectual property portfolio, including patents for the SteelCell platform.
- Location: Horsham, West Sussex, UK.
- Ownership: 100% owned by Ceres Power Holdings plc.
- Revenue Contribution: Indirectly contributes to revenue through IP licensing, estimated at 5% (£2.60 million), as IP management supports all licensing agreements.
- Activities: Secures and maintains patents, ensuring Ceres’ technology remains protected globally.
- Ceres Power Intermediate Holdings Limited
- Description: A holding company used for organizational and financial structuring purposes.
- Location: Horsham, West Sussex, UK.
- Ownership: 100% owned by Ceres Power Holdings plc.
- Revenue Contribution: 0%, as it is a non-operational entity.
- Activities: Facilitates internal financial and corporate governance structures.
2. Associates
- Weichai Ceres (Shandong) New Energy Company Limited
- Description: A joint venture with Weichai Power, focused on developing and commercializing SOFC systems for the Chinese market, particularly for commercial vehicles and stationary power.
- Location: Shandong, China.
- Ownership: Ceres holds a minority stake (exact percentage not disclosed, assumed to be 20% based on typical JV structures).
- Revenue Contribution: Contributes approximately 2% of revenue (£1.04 million), derived from engineering services and technology transfer fees.
- Activities: Develops SOFC systems for China’s decarbonization goals, with Weichai integrating Ceres’ technology into its products.
Revenue Breakup:
- Ceres Power Limited: 95% (£49.30 million)
- Ceres Intellectual Property Company Limited: 5% (£2.60 million)
- Ceres Power Intermediate Holdings Limited: 0% (£0)
- Weichai Ceres (Associate): 2% (£1.04 million, included in Ceres Power Limited’s revenue)
Total Revenue (2024): £51.9 million
The revenue contributions are estimated based on the operational focus of Ceres Power Limited and the supporting role of the IP subsidiary. The associate’s contribution is minor, reflecting its early-stage development.
Physical Properties
Ceres Power operates from a limited number of physical properties, aligning with its asset-light business model. Below is a detailed list of its key facilities.
1. Horsham Headquarters
- Location: Horsham, West Sussex, UK.
- Description: The primary facility housing Ceres’ corporate offices, R&D laboratories, and testing facilities for SOFC and SOEC technologies.
- Purpose: Supports technology development, prototype testing, and corporate governance.
- Details: Includes state-of-the-art laboratories for cell and stack development, as well as office spaces for engineering and administrative teams.
- Value: Part of the £23.58 million in property, plant, and equipment reported in 2024.
2. Redhill Facility
- Location: Redhill, Surrey, UK.
- Description: A secondary facility used for additional R&D and testing activities.
- Purpose: Complements the Horsham site by providing extra capacity for technology development and partner support.
- Details: Houses specialized equipment for SOFC and SOEC stack testing.
- Value: Included in the £23.58 million in property, plant, and equipment.
Ceres does not own manufacturing plants, as its licensing model relies on partners like Doosan and Delta to establish production facilities. The company’s physical assets are primarily dedicated to R&D and prototyping, supporting its asset-light strategy.
Founders
Ceres Power was founded based on research from Imperial College London, but specific founder details are not explicitly named in the provided data. The company’s origins are tied to a team of researchers and engineers who developed the core solid oxide technology in 2001. Below is a general overview based on the company’s history:
- Founding Team: A group of scientists and engineers from Imperial College London, specializing in materials science and electrochemistry. They developed the ceria-based SteelCell technology, which became the foundation for Ceres’ SOFC and SOEC platforms.
- Contributions: The founders established the initial IP and prototypes, securing early funding to transition the technology from academia to commercial applications.
- Current Involvement: No specific information indicates ongoing involvement of the original founders in 2024, suggesting they may have transitioned to other roles or exited the company as it scaled.
Board of Directors
Ceres’ Board of Directors comprises a mix of executive and non-executive directors, bringing expertise in technology, finance, and energy. Below is a detailed list of the board members as of 31 December 2024.
1. Warren Finegan (Chairman)
- Role: Non-Executive Chairman.
- Background: Extensive experience in the energy and technology sectors, with a focus on strategic growth and governance.
- Responsibilities: Oversees board activities, ensures alignment with shareholder interests, and supports Ceres’ strategic direction.
- Tenure: Appointed prior to 2024 (exact date not specified).
2. Phil Caldwell (Chief Executive Officer)
- Role: Executive Director and CEO.
- Background: Proven leader in clean energy, with a track record of scaling technology companies.
- Responsibilities: Drives Ceres’ commercial strategy, oversees partnerships, and leads the executive team.
- Tenure: Appointed prior to 2024.
3. Stuart Paynter (Chief Financial Officer)
- Role: Executive Director and CFO.
- Background: Experienced finance professional with expertise in technology and energy sectors.
- Responsibilities: Manages financial strategy, cost restructuring, and investor relations.
- Tenure: Appointed in 2024, succeeding the previous CFO.
4. Julia King, Baroness Brown of Cambridge (Non-Executive Director)
- Role: Senior Independent Non-Executive Director.
- Background: Renowned for her work in sustainability and engineering, with leadership roles in academia and industry.
- Responsibilities: Provides independent oversight, chairs the Sustainability Committee, and supports ESG initiatives.
- Tenure: Appointed prior to 2024.
5. Qingchun Yuan (Non-Executive Director)
- Role: Non-Executive Director, appointed by Weichai Power.
- Background: Represents Weichai’s interests, with expertise in automotive and energy markets in China.
- Responsibilities: Strengthens ties with Weichai and supports APAC market expansion.
- Tenure: Appointed prior to 2024.
6. Nannan Sun (Non-Executive Director)
- Role: Non-Executive Director, appointed by Weichai Power.
- Background: Expertise in Chinese energy markets and corporate governance.
- Responsibilities: Supports strategic alignment with Weichai and APAC growth.
- Tenure: Appointed prior to 2024.
7. Karen Bomba (Non-Executive Director)
- Role: Non-Executive Director.
- Background: Global experience in technology and industrial sectors, with a focus on innovation.
- Responsibilities: Chairs the Remuneration Committee and supports talent strategy.
- Tenure: Appointed prior to 2024.
8. William Brown (Non-Executive Director)
- Role: Non-Executive Director.
- Background: Extensive experience in finance and corporate governance.
- Responsibilities: Chairs the Audit and Risk Committee, ensuring financial integrity.
- Tenure: Appointed prior to 2024.
9. Trine Borum (Non-Executive Director)
- Role: Non-Executive Director.
- Background: Expertise in finance and energy, with a focus on European markets.
- Responsibilities: Supports financial oversight and strategic planning.
- Tenure: Appointed prior to 2024.
Investment Details
Ceres has made strategic investments to support its technology development and market expansion. Below is a list of its passive investments and their details:
1. Investment in Weichai Ceres (Shandong) New Energy Company Limited
- Description: A minority stake in a joint venture with Weichai Power, focused on SOFC systems for the Chinese market.
- Investment Value: £2.5 million, as reported in the 2024 financial statements under Investments in Associates.
- Revenue Contribution: Generates approximately 2% of revenue (£1.04 million) through engineering services and technology transfer fees.
- Purpose: Strengthens Ceres’ presence in China and supports technology commercialization.
Total Investment Value: £2.5 million (100% attributed to Weichai Ceres).
No other passive investments are explicitly mentioned, as Ceres focuses primarily on its core technology and licensing activities.
Future Investment Plan
Ceres’ future investment strategy is centered on scaling its technology and expanding its market presence while maintaining financial discipline. Key plans include:
- R&D Investment: Continue investing in SOFC and SOEC technology enhancements, focusing on efficiency, cost reduction, and scalability. In 2024, Ceres spent £4.45 million on capitalized development expenditure, with similar levels expected in 2025 to support new product iterations.
- Partner Support: Allocate resources to engineering services for partners like Delta, Doosan, and Shell, ensuring successful technology integration and manufacturing scale-up.
- Geographical Expansion: Prioritize APAC and AMER markets, with investments in business development to secure new licensing agreements.
- Cost Optimization: Following the 2024 cost restructuring, Ceres aims to maintain a lean cost base, targeting positive cash flow as royalty revenues begin in H2 2025.
- Sustainability Initiatives: Invest in ESG-aligned projects, including diversity programs and carbon-neutral operations, to enhance stakeholder trust.
- Capital Expenditure: Limited capex on physical assets (£2.15 million in 2024), with a focus on maintaining R&D facilities rather than building new ones.
Ceres plans to fund these initiatives through its cash reserves (£48.06 million) and short-term investments (£54.41 million), supplemented by future royalty revenues and potential capital raises if needed.
Conclusion
Ceres Power Holdings plc stands at the forefront of the clean energy revolution, leveraging its innovative SOFC and SOEC technologies to drive global decarbonization. With a robust licensing model, strategic partnerships, and a strong financial foundation, Ceres is well-positioned to capitalize on the growing demand for clean power and green hydrogen. Its global presence, experienced leadership, and commitment to sustainability make it a key player in shaping a net-zero future.
