CERES POWER HOLDING PLC

Company Overview

Ceres Power was originally established in May 2001 to acquire fuel cell intellectual property rights developed over the preceding 10 years at Imperial College. In Nov. 2004, the company went public on the Alternative Investors Market (AIM) of the London Stock Exchange.

Ceres created its own proprietary fuel cell technology, which it is now working on commercializing. Producing core fuel cell components in-house and collaborating with partners to integrate these components into final solutions for end customers in the worldwide distributed power generation industry are examples of such exploitation.

Ceres made significant improvements in cell and stack durability performance, addressing the rapid degradation rates previously experienced. The company also stated that its key priority in the short term would be to implement and test technical upgrades to the micro-CHP product in order to attain degradation rates comparable to cell stack performance. Ceres made substantial progress with micro-CHP testing, which focused on improving the micro-CHP system’s control and removing external contamination sources. Ceres has now confirmed the functioning of a micro-CHP product on natural gas, with degradation rates approaching those seen at the cell stack level (1 percent per 1,000 hours). In Bordeaux, there is an HDF plant.

In 2021, the company announced a strategic collaboration with RFC Power for long-duration energy storage. The collaborative development agreement will employ Ceres’ electrochemistry and device engineering expertise to improve and accelerate RFC’s technology. Ceres will receive an 8.4% stake in RFC. Ceres has a 12-month option to purchase the balance of RFC’s outstanding share capital for up to $33.1 million if the technology proves fit with Ceres’ plan. This includes a 50% upfront payment and a 50% deferred payment dependent on commercial performance, both payable in Ceres shares.

Financial Highlights (FY 2024)

Company's Business Segments

• Product : Cell, Stack, Factory, Power Module, Power System, Stack Array Module, Electrolyser Module
• Service : Engineering Services, Support, Others