22nd Jul 2024 14:33
(Alliance News) - Ceres Power Holdings PLC shares rose on Monday after it announced a new licensing deal and increased its full-year revenue guidance.
Shares in Ceres rose 12% to 207.60 pence on Monday afternoon in London.
The Horsham, England-based clean energy technology developer said it has signed a long-term global licence agreement with an unnamed original equipment manufacturer, for the manufacture of its solid oxide electrolyser cell technology.
The client, Ceres said, is headquartered in the Asia Pacific region, and has requested that further details are not publicised until early August.
The deal provides revenue for licence fees, engineering services and hardware, and for royalty payments on the partner's future commercial production and sales of SOEC equipment.
Also on Monday, Ceres said it expects first-half revenue to soar to between GBP27 million and GBP29 million, more than double the GBP11.7 million it generated the year before.
"Momentum in the business is strong with today's agreement being the second major license deal and new partner signed this year following on from the manufacturing collaboration with Delta announced in January 2024," Ceres added.
The firm said that because of this, it is increasing its full-year revenue guidance for 2024 to between GBP50 million and GBP60 million.
"We are making great commercial progress this year," commented Chief Executive Officer Phil Caldwell, "and I am particularly excited by the advances in our highly efficient and differentiated SOEC electrolyser technology, which is now being adopted by several leading global companies with the manufacturing, supply chain and balance sheet strength to bring this technology to market at scale.
"This builds on Ceres' strategy to establish partnerships in regions with strong manufacturing capability coupled with ambitious targets for the use of hydrogen for industrial decarbonisation."
By Emma Curzon, Alliance News reporter
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