Significant Progress Drives Growth and Investment for Future Scale

By March 17, 2022 5   min read  (853 words)

March 17, 2022 |

Fuel Cells Works, Significant Progress Drives Growth and Investment for Future Scale

Ceres Power Holdings plc (“Ceres Power”, “Ceres”, the “Company” or the “Group”) (AIM: CWR.L), a global leader in fuel cell and electrochemical technology, announces its final results for the year ended 31 December 2021.

Phil Caldwell, CEO of Ceres Power commented: “The recent global volatility has only served to highlight the urgency for energy security around the world, with governments under increasing pressure to decarbonise their societies and hydrogen now widely acknowledged as an essential part of the route to net zero. We need a different energy landscape and Ceres’ purpose to deliver technology that enables a clean and efficient energy future is absolutely aligned with that goal. We have made significant progress on our growth ambitions this year, to establish Ceres as a leading player in the sector.”

Financial highlights

  • Strong progress on major contracts has driven a 44% increase in revenue and other operating income to £31.7m for the year ended 31 December 2021 (CY 20201: £21.9m)
  • Increased gross profit of £20.3m (CY 20201: £14.6m) at sector-leading gross margin of 66% (CY 20201: 67%) driven by our IP licensing model
  • £250m of cash and investments as at 31 December 2021 (Dec 2020: £110m) following a successful fundraising in March netting proceeds of £179m to support growth into electrolysis for the production of green hydrogen

Strategic highlights

  • Building manufacturing scale globally

–       After the year end, Weichai, Bosch and Ceres signed China JV Heads of Terms; aimed at a third global manufacturing centre

–       Bosch to invest €400m into its solid oxide fuel cell (SOFC) business in Germany between now and 2024

–       Doosan announced 143.7bn won (c.£89m) investment to build an SOFC stack manufacturing plant in Korea

  • Embedding Ceres’ technology in systems globally

–       30kW stationary power system development with Weichai, extends applications alongside transportation

–       Bosch installing ~100 small-scale stationary fuel cell power plants across Germany

–       Doosan preparing soft launch of its 10kW SOFC system using Ceres’ technology later in 2022

–       Doosan signed a letter of intent with Shell and Hyundai Heavy Industries, to develop an SOFC marine system

  • Unique and valuable technology to address climate change

–       First-of-a-kind solid oxide electrolyser (SOEC) 1MW-scale demonstrator in build to become operational in 2022

–       Strong interest and discussions in progress with several potential commercial partners on SOEC

–       Formation of Ceres Radar; first joint development with long-duration energy storage company RFC Power

  • Investment in our business

–       Continued to attract and retain highly talented scientists and engineers, adding over 160 people in 2021

–       “Investment in the future”2 increased to £34.9m (CY2020 £26.0m) driven by growth in SOEC investment

–       Executive team strengthened with the addition of Eric Lakin (CFO), Deborah Grimason (General Counsel) and Caroline Hargrove (CTO)

1 Calendar Year 2020 (CY 2020) results for the 12 months ended 31 December 2020 are an Alternative Performance Measure, as defined and reconciled to the Group’s results for the 18 months ended 31 December 2020 in the non-GAAP section towards the end of this report.
2 “Investment in the future” defined as R&D costs, capitalised development and capital expenditure

Financial Summary:


12 months ended 31 December 2021


12 months ended 31 December 2020


18 months ended 31 December 2020





Total revenue and other operating income, comprising:




Licence fees




Engineering services revenue




Provision of technology hardware




Other operating income




Gross margin %




Adjusted EBITDA loss2 – SOFC3




Adjusted EBITDA loss2 – SOEC3




Adjusted EBITDA loss2 – total Group




Operating loss




Net cash used in operating activities




Net cash and investments





  1. To assist users of the accounts with understanding the Group’s underlying trading, unaudited calendar year results have been presented on a like-for-like basis with the comparative period covering the 12 months ended 31 December 2020. CY 2020 results are reconciled to the results for the 18 months ended 31 December 2020 in the non-GAAP section towards the end of this report.
  2. Adjusted EBITDA loss is an Alternative Performance Measure, as defined and reconciled to operating loss in the non-GAAP section at the end of this report
  3. Following the Group’s decision to invest more heavily into solid oxide electrolysis cell (SOEC) technology, the separate disclosure of SOEC Adjusted EBITDA in addition to the Group’s historical solid oxide fuel cell (SOFC) technology Adjusted EBITDA is considered to provide additional useful information to allow readers of the interim results to more fully understand the Group’s performance. Adjusted EBITDA by segment is reconciled to operating loss in Note 3.

Analyst presentation

Ceres Power Holdings plc will be hosting a live webcast for analysts and investors on 17 March 2022 at 09.30 GMT. To register your interest in participating, please go to:

About Ceres Power

Ceres is a world-leading developer of electrochemical technologies: fuel cells for power generation, electrolysis for the creation of green hydrogen and energy storage. Its asset-light, licensing model has seen it establish partnerships with some of the world’s largest engineering and technology companies, such as Weichai in China, Bosch in Germany, Miura in Japan, and Doosan in Korea, to develop systems and products that address climate change for power generation, transportation, industry, data centres and everyday living.  Ceres is listed on the AIM market of the London Stock Exchange (“LSE”) (AIM: CWR) and is classified by the LSE Green Economy Mark, which recognises listed companies that derive more than 50% of their activity from the green economy.


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