Ceres Power Holdings plc Trading Update (0197H)
25 July 2023 - 4:00PM
UK Regulatory
TIDMCWR
RNS Number : 0197H
Ceres Power Holdings plc
25 July 2023
CWR.L
25 July 2023
Ceres Power Holdings plc
Trading Update
Progress in green hydrogen technology driving commercial
interest
Horsham, UK: Ceres Power Holdings plc ("Ceres", the "Company")
(CWR.L), a global leader in fuel cell and electrochemical
technology, today provides the following update ahead of the
announcement of its interim results for the six months ended 30
June 2023, which will be released on Thursday 28 September
2023.
Financial
-- Revenue for the six months to 30 June 2023 is expected to be
approximately GBP11 million (H1 2022: GBP9.7m)
-- Gross margins are expected to be around 55-60% (H1 2022: 55%)
-- Cash and short-term investments were approximately GBP162 million as at 30 June 2023
-- On 29 June 2023, Ceres successfully moved to the Main Market
of the London Stock Exchange from AIM
Current trading and outlook
-- Bosch and Weichai have reconfirmed to Ceres their commitment
to the China JVs and are targeting signature this year. However,
given the continued delay which is not within Ceres' control, and
the time required post signature for regulatory clearances, we are
taking a prudent view that the revenue associated with the JVs is
now unlikely to be recognised this year. This reduces our
expectation for 2023 by an estimated net GBP15m (compared with
current market consensus [1] ), by moving revenue associated with
the China JVs to 2024, partially offset by the anticipation of
additional licence fee revenue from new contract wins this
year.
-- The Company continues to expect full-year revenue growth
against the prior year as a result of the growing pipeline of
potential new licence partners with whom the Company is in active
discussions. The Company will update guidance as appropriate once
any new material commercial contracts are signed.
-- Bosch's 'Power Units' have received European funding of
EUR160 million as an Important Project of Common European Interest
(IPCEI) to enable the mass production of its solid oxide fuel cell
product, utilising Ceres' stack technology.
-- Building construction is nearing completion on Doosan's 50MW
factory in South Korea. All machinery and processes have undergone
factory acceptance testing, and is on track for installation and
commissioning to achieve first production in 2024.
-- The first-of-a-kind MW-scale electrolyser is undergoing
commissioning and initial testing at AVL in Germany, in preparation
for deployment later in the year to Shell's R&D centre in
Bangalore, India, in line with the timetable set out in the 28 June
2022 announcement.
-- A two-year collaboration with Linde Engineering and Bosch has
commenced to validate the performance, cost, and operational
functionality of Ceres' electrolyser technology.
-- Ceres has been announced as the Winner of the Royal Academy
of Engineering's 2023 MacRobert Award, widely regarded as the UK's
most prestigious prize for engineering innovation.
Phil Caldwell, Chief Executive Officer of Ceres said : "Despite
the ongoing delay with the China JVs, the company is making good
progress elsewhere, especially with our growing pipeline of
opportunities. We have made a significant shift in the business
over the past two years, and I am particularly excited by the
progress in our electrolyser technology, including signing a
partnership with Linde and Bosch earlier this year, and the level
of interest in licences to exploit the global market for green
hydrogen. I look forward to sharing further updates in the coming
months."
Ends
For further information visit www.ceres.tech or contact:
Ceres Power Holdings plc
Elizabeth Skerritt Tel: +44(0)7932 023 283
Email: elizabeth.skerritt@cerespower.com
FTI Consulting (Financial PR) Tel: +44 (0)203 727 1000
Dwight Burden / Ben Brewerton Email: ceres_power@fticonsulting.com
About Ceres
Ceres is a world-leading developer of electrochemical
technologies: fuel cells for power generation, electrolysis for the
creation of green hydrogen and energy storage. Its asset-light,
licensing model has seen it establish partnerships with some of the
world's largest engineering and technology companies, such Bosch,
Doosan, Shell and Weichai, to develop systems and products that
address climate change for power generation, transportation,
industry, data centres and everyday living. Ceres is listed on the
London Stock Exchange ("LSE") (LSE: 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.
[1] Current market consensus revenue for 2023 = GBP49m (Source:
Bloomberg)
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