Horsham UK— Ceres Power Holdings plc (“Ceres Power”, “Ceres”, the “Company” or the “Group”) (AIM: CWR.L), a global leader in fuel cell technology and engineering, announces its final results for the year ended 30 June 2019.
Financial Highlights
- Revenue and other operating income up 133% to £16.4 million with higher-margin license activity delivering an improved gross margin of 75%
- Net cash used in operating activities down significantly to £3.1 million from £9.5 million, reflecting improved operating loss reduced 33% to £7.9 million from £11.9 million
- Equity-free cash outflow1 up slightly to £11.9 million from £10.9 million. £9.0 million invested, largely on new CP2 manufacturing facility in the UK
- Raised £77.1 million of new equity in the year from strategic partners and financial institutions. Cash and short-term investments of £71.3 million at 30 June 2019
Commercial and Operational Highlights
- First product launch with Japan’s Miura Co. using Ceres’ SteelCell® in a combined heat and power (CHP) system for commercial use
- Strategic partnerships signed with both Bosch and Weichai including equity investment and licensing agreements
- SteelCell® reached a key milestone of 60% net efficiency, twice that of a conventional gas engine and greater than that of a centralized megawatt-scale gas turbine
- £8.0 million investment in new blueprint manufacturing facility (CP2) in Redhill, UK on track for production from January 2020, creating 60 new skilled jobs
Current Trading
- New system license and joint development agreement worth £8.0 million over two years signed with Doosan post-year-end
- Completed joint development with Weichai of a prototype 30kW range extender system for electric buses targeting the Chinese market
- Strong order book of £28.4 million and pipeline 2 worth more than £50 million (as at report date)
Phil Caldwell, Chief Executive Officer of Ceres Power, commented: “2019 was a milestone year for Ceres, which saw us double revenue for the fourth year running through significant license deals and secure our first commercial product launch in Japan later this year, while also approaching first production at our new UK reference manufacturing facility.
“We now have license agreements in place with four of the world’s largest engineering and power companies. Bosch and Weichai have chosen not only to partner with us but have invested in significant equity stakes, aligning them to the future success of our business and ensuring that Ceres is well-capitalized to deliver against its strategy.
“Global awareness of the role that fuel cells can play in tackling climate change and improving air quality is growing rapidly. The talent of our team and the quality of our customer partnerships give us increased confidence in the future prospects of Ceres and its long-term value to shareholders.”
About Ceres Power
Ceres Power (http://www.cerespower.com/) is a world leader in low cost, next-generation fuel cell technology for use in distributed power products that reduce operating costs, lower CO2, SOx and NOx emissions, increase efficiency and improve energy security. The Ceres Power unique patented SteelCell® technology generates power from widely available fuels such as natural gas and future fuels such as hydrogen enabling a transition from low to zero-carbon power generation at high efficiency. The SteelCell® is manufactured using standard processing equipment and conventional materials such as steel, meaning that it can be mass-produced at an affordable price. Ceres Power offers its partners the opportunity to develop power systems and products using its unique technology and know-how, as well as the opportunity to manufacture the SteelCell® in volume.
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