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Ceres Power’s 2022 Investments Pave the Way for Future Growth in Fuel Cell and Green Hydrogen Technologies

By March 24, 2023 2   min read  (135 words)

March 24, 2023 |

Fuel Cells Works, Ceres Power's 2022 Investments Pave the Way for Future Growth in Fuel Cell and Green Hydrogen Technologies

Horsham, UK: Ceres Power Holdings plc (“Ceres”, the “Company”) (AIM: CWR.L), a global leader in fuel cell and electrochemical technology, announces its results for the year ended 31 December 2022.

  • Final results for the year ended 31 December 2022
  • 2022 investments lay strong foundations for future growth

Ceres Power Holdings plc, a leading fuel cell and electrochemical technology company, has released its financial results for the year ended 31 December 2022. The company has reported a revenue of £22.1 million, maintaining a strong gross margin of 59%. The company increased its investment in future growth by 67% to £58.4 million, in line with its strategy to expand into electrolysis for green hydrogen and develop the next generation of fuel cell technology.

The first 100kW solid oxide electrolyser (SOEC) module is currently on test, and initial results indicate that this technology can deliver green hydrogen at <40kWh/kg, approximately 25% more efficiently than existing lower temperature technologies. Ceres Power is also working closely with Shell on an SOEC technology evaluation program for deployment in India later this year.

Ceres Power has opened a fuel cell and electrolysis test facility in collaboration with Horiba Mira at its site in the UK. The company has continued to expand its workforce, now employing 570 employees worldwide.

In recent developments, Ceres Power has signed agreements for collaboration on electrolysis with Bosch and Linde Engineering. These partnerships aim to validate Ceres’ technology as a highly efficient pathway to low-cost green hydrogen. Weichai’s solid oxide fuel cell (SOFC) power system, which utilizes Ceres’ technology, has received EU CE certification from the international testing organization, TÜV SÜD. Weichai estimates that its products can potentially reduce carbon emissions by around 2 million tonnes per year compared to grid electricity when 1GW of distributed power is deployed.

CEO Phil Caldwell expressed satisfaction with the company’s progress, citing new partnerships and investment in the business as crucial to achieving a net-zero future. With an ongoing collaboration with Bosch and Doosan to scale production, Ceres Power is well-positioned to support its partners in manufacturing capacity as the world moves toward decarbonized energy systems.

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Read the full financial report HERE

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