Ceres Power Reports Progress on Manufacturing Partnerships and Revenue Targets
Ceres Power reported progress in its first-half performance, including reaching approximately half of its £45 million contracted revenue target while reducing R&D costs to around £18 million. The company also raised over £100 million through an equity issue. Management remains confident about signing a new manufacturing licensee this year as demand for on-site power generation increases, particularly from data centers facing long equipment and grid-connection lead times. Existing partners are advancing toward commercial production: Doosan secured a roughly £60 million export order with Germany's Reverion; Delta is planning to expand its Taiwanese manufacturing site; and Weichai aims to begin initial production later this year or early next. Royalties from these licensees are expected to become increasingly significant starting in 2028-29 as they scale up operations. Ceres CEO Phil Caldwell emphasized the urgency of addressing power generation challenges, citing long lead times for gas turbines and grid connections. The company's Ceres Endura platform is being used both for fuel cell applications and hydrogen production.
Topics: contracted revenue progress manufacturing licensees R&D cost reduction solid oxide fuel cells