25th Feb 2016 09:58
LONDON (Alliance News) - Fuel cell technology company Ceres Power Holdings PLC on Thursday said its pretax loss widened in the first half of its financial year as it ramped up operations, with its focus now on securing new commercial partners.
Ceres said its pretax loss for the six months to the end of December widened to GBP6.2 million from GBP5.3 million amid a rise in operations costs as the group continues to ramp up its business.
Revenue rose to GBP235,000 from GBP133,000 as the group signed a development agreement with Japanese carmaker Honda Motor Co Ltd and an evaluation agreement with an unnamed global manufacturing company.
"The Honda agreement is the first of several key commercial partnerships we expect to sign in 2016 against our stated aim of securing five leading OEMs within the next two years. We expect further commercial partners for new applications and markets based on the recent improvements in efficiency and power density of the Steel Cell technology," said Phil Caldwell, Ceres' chief executive.
Caldwell said Ceres had seen a strong start to the new year and was now focused on securing new commercial partners.
Shares in Ceres were up 0.8% to 5.58 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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