Strategic partnerships continue to deliver commercial growth for UK fuel cell tech company Ceres Power
By Jim Gibbins - 1st April 2020
UK – Fuel cell developer and electrochemical technology company, Ceres Power Holdings plc of London, UK, reported strong half year results to December 31, 2019 with revenues and other income up 33.6% to GBP11m (H1 2018: GBP8.3m), reflecting strong progress on major contracts with South Korea’s Doosan, Germany’s Bosch, China’s Weichai and Japan's Miura Co. It announced strong gross margin of 67% (consistent with the asset-light licencing business) and continued with further business investments while marginally reducing operating losses to GBP2.8m (H1 2018: GBP3.0m).
Key developments during the six month period, involving the CV sector, included further equity injections of GBP49m from equity partners, Weichai¹ and Bosch². Bosch has increased its stake in Ceres to 18%, generating gross proceeds of £38m and Weichai is to invest a further GBP11m in Ceres to maintain its equity stake at 20%.
