Ceres Power sets sights on ‘big opportunity’ in hydrogen as revenues climb.
[Proactive Investors] “Ceres now has the potential to address an even greater market for electrolysis”.Ceres Power Holdings PLC (AIM:CWR, OTC:CPWHF) said it intends to increase its spending on R&D and capital investment significantly to take advantage of the opportunities in the growing fuel cell markets and especially hydrogen.
This requirement for hydrogen is predicted to double each decade between 2030 and 2050, said Ceres chief executive Phil Caldwell, and be worth US$2.5trn eventually, according to consultant McKinsey.
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Phil Caldwell, Chief executive:
That is a big opportunity.
“We need a different energy landscape and Ceres’ purpose to deliver technology that enables a clean and efficient energy future is absolutely aligned with that goal.”
The fuel cell technology group grew revenues by 44% to £31.7mln in the year to end-December 2021, driven largely by licence fee income, which more than doubled.
Ceres is partners with several of the world’s top engineering firms and after the year-end signed a new deal with two of these – Weichai and Bosch – to establish manufacturing facilities in China and build its commercial presence there.
Strong revenue growth is expected to continue into 2022, the company said, though the phasing will be materially influenced by the timing of this new China joint venture.
Losses in the year just ended rose to £23.4mln from £14.5mln, which reflected heavy investment across all aspects of the business, with R&D expenditure rising by 34% to £34.9mln while staff numbers increased to 489 from 351.
Net cash at the year-end was £250mln.
Caldwell added: “The recent global volatility has only served to highlight the urgency for energy security around the world, with … hydrogen now widely acknowledged as an essential part of the route to net zero. The government will present a plan for renewable energy development on land and sea in Denmark, ensuring that Denmark can be a net exporter of green energy – also in light of the new ambitious PtX target. Thanks for staying up to date with Hydrogen Central.
“Having established a leading technology position in fuel cells Ceres now has the potential to address an even greater market for electrolysis through a highly efficient, low-cost production method for hydrogen.”
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Ceres Power sets sights on ‘big opportunity’ in hydrogen as revenues climb, March 17, 2022
