Ceres Power Holdings plc has announced its interim results for the six months ended 30 June 2023. The company reported a 17% increase in revenue to £11.3 million compared to the same period last year. Gross profit was £6.9 million, maintaining a sector-leading gross margin of 61%. Ceres also increased its investment in the future by 19% to £30.6 million, in line with its strategy to expand into electrolysis for green hydrogen and deliver the next generation of fuel cell technology. The company reduced its equity free cash outflow by 24% to £21.8 million and had cash and investments of £161.2 million as of 30 June 2023.
In terms of strategic highlights, Bosch's 'Power Units' received European funding of approximately €160 million to support the development and mass production of its solid oxide fuel cell product, which utilizes Ceres' stack technology. Doosan's 50MW factory in South Korea is nearing completion, with commissioning scheduled for H2 2024. Ceres' second-generation design of fuel cell stacks has passed Critical Design Review, offering improvements in performance and cost. The first-of-a-kind megawatt-scale electrolyser is undergoing commissioning and initial testing in Germany, with deployment planned for the end of this year. Ceres has also signed a two-year collaboration with Linde Engineering and Bosch to validate the performance, cost, and operational functionality of its electrolyser technology.
Ceres Power Holdings was announced as the winner of the Royal Academy of Engineering's 2023 MacRobert Award, considered the UK's most prestigious prize for engineering innovation. The company has also augmented its board with the addition of Karen Bomba and Caroline Brown as Non-Executive Directors. Additionally, Ceres has joined the FTSE 250 index as of 18 September 2023.
Looking ahead, Ceres stated that it does not expect revenue associated with the China joint ventures with Bosch and Weichai to be recognized this year due to delays in signing and regulatory clearances. Full-year growth against the prior year is subject to the timing of securing new licensees.
Phil Caldwell, CEO of Ceres Power, commented on the company's growth and progress in supporting partners and developing electrolyser technology. He also highlighted the recent inclusion in the FTSE 250 index and the recognition of the MacRobert Award as achievements made possible by the company's progress and the team's hard work.