Ceres Power Holdings plc, a leading developer of clean energy technology, has provided a trading update ahead of its full year results announcement. The company stated that its financial performance for the year ending December 31, 2023, would depend on securing new license partners. While the company is engaged in discussions with potential partners, an agreement with the most imminent licensee is unlikely to be signed in time for the associated revenue to be recognized in 2023. As a result, revenue for the full year is expected to be approximately £20-21 million, compared to £22 million in the previous year.
Despite not being able to conclude a new license partnership in the current financial year, Ceres Power remains confident of securing a new commercial partnership in the coming months. The company's CEO, Phil Caldwell, stated, "Despite good progress commercially and growing interest in our SOEC technology, we have not been able to conclude a new license partnership in this financial year." Ceres Power will provide a year-end trading update in January.
Ceres Power Holdings plc is a clean energy technology company that develops and commercializes solid oxide fuel cell (SOFC) technology. The company's SOFC technology enables the production of electricity from a range of fuels, including natural gas and hydrogen, with high efficiency and low emissions. Ceres Power aims to address the global challenge of reducing carbon emissions and transitioning to a more sustainable energy system.