Ceres Power Holdings plc announces intention to move to premium listing on London Stock Exchange Main Market and cancellation of trading on AIM

THIS ANNOUNCEMENT IS MADE FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR SOLICITATION TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE SHARES IN CERES POWER HOLDINGS PLC IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL.

01 June 2023

Ceres Power Holdings plc

("Ceres", the "Company")

Notification of proposed admission to the premium segment of the Main Market
and cancellation of trading on AIM

Ceres, a global leader in fuel cell and electrochemical technology, announces its intention to apply for the Company's ordinary shares ("Ordinary Shares") to be admitted to listing on the premium listing segment of the Official List maintained by the Financial Conduct Authority ("FCA") (the "Official List") and to trading on the London Stock Exchange plc's (the "London Stock Exchange") main market for listed securities ("Main Market") (together, "Admission").

Ceres was admitted to AIM in 2004 and has since grown to become a global leader in fuel cell and electrochemical technology. The Board believes that obtaining a premium listing now will support the long-term strategy of the Company, further enhance the Company's profile on the international stage and make an investment in Ceres more accessible to a greater range of potential international investors.

Admission is subject to (i) the approval by the FCA of a Prospectus and admission to the premium listing segment of the Official List; and (ii) admission by the London Stock Exchange of the Ordinary Shares to trading on the Main Market. Subject to the satisfaction of these conditions, Admission is expected to occur, and the Company's listing on AIM to be cancelled, on a date not earlier than 29 June 2023 (being at least 20 business days after the date of this announcement) and is, in any event, expected to take place before the end of June 2023. Accordingly, the Company hereby gives notice of the intended cancellation of trading of its Ordinary Shares on AIM in accordance with Rule 41 of the AIM Rules for Companies. Ceres will make a further announcement on the status of the proposed applications for Admission, together with the timeline for Admission, in due course. Admission will be effected through an introduction of the existing ordinary shares and Ceres does not intend to raise any funds or offer any new securities in connection with Admission or the publication of the related Prospectus.

Admission is not expected to be conditional upon any shareholder approval. Ceres shareholders should consult their own professional advisors regarding the consequences of Admission on their personal tax position.

Joh. Berenberg, Gossler & Co. KG, London Branch ("Berenberg") is acting as Sponsor to the Company in connection with Admission.

Phil Caldwell, Chief Executive Officer of Ceres Power, said:

"Over 20 years, Ceres has grown to become one of the UK's most important clean energy technology companies. As a Board we believe the time is right to take our next step to a Premium Listing and the UK's highest standards of regulation and corporate governance, reflecting our growth in international partnerships, our widening investor base and the ambition for our technology to play a vital role in decarbonising the global energy system."

Enquiries and further information

About Ceres

Ceres is a world-leading developer of electrochemical technologies: fuel cells for power generation, electrolysis for the creation of green hydrogen and energy storage. Its asset-light, licensing model has seen it establish partnerships with some of the world's largest engineering and technology companies, such as Weichai in China, Bosch in Germany, Miura in Japan, and Doosan in Korea, to develop systems and products that address climate change for power generation, transportation, industry, data centres and everyday living. Ceres is listed on the AIM market of the London Stock Exchange ("LSE") (AIM: CWR) and is classified by the LSE Green Economy Mark, which recognises listed companies that derive more than 50% of their activity from the green economy.

==