13th Jan 2022 14:29
(Alliance News) - Ceres Power Holdings PLC announced on Thursday that it expects to raise its 2021 revenue and other operating income by 44% and commits to entering Chinese market.
The Sussex, England-based electrochemical technology company said it expects revenue and other operating income for the 2021 calendar year to be in line with previous guidance at GBP31.5 million.
Ceres Power said this was up 44% on the prior calendar year, with consistently high gross margin. In 2020, the company reported total revenue and other operating income of GBP21.9 million.
The company's cash and short-term investment were GBP250 million at December 31. The previous year it stood at GBP110 million.
Looking forward, Ceres Power said it remains committed to entering the Chinese market with solid oxide fuel cell technology. It continued that discussions on the planned strategic relationship with Weichai Power Co Ltd, including a joint venture in China, were progressing positively.
Chief Executive Phil Caldwell: "We've had another year of strong growth in 2021 and made important strategic investments in our team, our partners and our technology to ensure that Ceres is well-positioned to take advantage of the global urgency for clean energy technologies. We have made good progress with our key strategic partners of Robert Bosch GmbH, Weichai Power Co Ltd and Doosan Corp as they look to scale production of our technology globally, and with the development of new partnerships".
Ceres Power said it would release its full year results for 2021 on March 17.
Shares in Ceres Power were down 1.2% at 834.50 pence on Thursday afternoon in London.
By Heather Rydings; [email protected]
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