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Ceres Power says income will have ‘more than doubled’ as year end nears

"I am delighted with the commercial progress we have made,” said Phil Caldwell, Ceres chief executive.
Ceres Power SteelCell power cell technology
Ceres continues to advance SteelCell towards a commercial launch

Ceres Power Holdings Plc (LON:CWR) has told investors it expects total income for the current financial year, ending June 30, will have more than doubled from last year.

The company said revenue and other operating income are ahead of expectations, and it expects full year total income to approach £4mln, compared to £1.67mln in the preceding twelve month period.

Ceres continues to work towards a commercial-level launch for its SteelCell technology, and in the meantime it is bringing in cash via development and engineering fees from its technology partners, as well as through grants.

It highlighted growing revenue driven by its successes landing new development partner agreements and securing follow-on agreements. Indeed, the company noted that it is on track to sign a fifth development partner through the remainder of 2017.

Ceres anticipates ending the year with a strong financial position, with cash & short-term investments expected to be at least £16mln.

"I am delighted with the commercial progress we have made,” said Phil Caldwell, Ceres chief executive.

“I am confident we will meet our stated objective and sign a fifth development partner this year and a second go-to-market customer before the end of 2018.

He added: “Our ability to generate revenues by winning new partners and also grow our existing business with some of the leading players in the market shows we have established ourselves now as a truly international business.

"We are extremely confident in the future.

“We will invest further in our people, technology and capacity to ensure we can continue to meet our partner's requirements."

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