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Ceres Power says revenue down by third in 2022, in line with guidance

24th Jan 2023 08:55

(Alliance News) - Ceres Power Holdings PLC on Tuesday said 2022 revenue was in line with guidance, though it was down from the year before, as it continues to deploy its products globally.

The Horsham, England-based fuel cell and electrochemical technology company said 2022 revenue and other operating income was approximately GBP21 million, in line with its previous guidance but down 34% from GBP31.7 million the year prior. The company said it is expecting to report gross margins of around 60% in 2022.

At December 31, cash and short-term investments were about GBP182 million, down 27% from GBP250 million a year ago, the company reported.

Ceres said its first 100,000 watt electrolyser module is on test ahead of its scaling into a 1 million watt demonstrator, with initial results indicating that the technology can deliver green hydrogen at less than 40 kilowatt hours per kilogram - 25% more efficiently than lower temperature technologies.

The company also noted that the structures of its joint ventures in China have been agreed, with "a number of commercial points" being finalised between Robert Bosch GmbH and Weichai Holding Group Co Ltd, while its solid oxide electrolyser cell technology evaluation programme with Shell PLC is making progress ahead of its deployment in India later this year.

Ceres added that its fuel cell and electrolysis test facility in the West Midlands, UK, has now opened, and is supporting the company's core technology and development.

Chief Executive Officer Phil Caldwell said: "These are just some highlights of another year of significant investment for growth at Ceres, despite a challenging macroeconomic backdrop. We remain focused on building a world-leading team and capability in solid oxide fuel cells and electrolysis, and partnering to deliver global deployment of our technologies at scale and pace."

Ceres shares were up 7.4% at 415.46 pence per share on Tuesday morning in London.

By Harvey Dorset, Alliance News reporter

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