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Ceres Power's orders soar following strategic partnerships

Revenues climbed 71% to £7mln, while orders are now £29.8mln from £3mln
Ceres Power
Ceres' fuel cells are made largely of steel and ceramics

Fuel cell technology specialist Ceres Power Holdings PLC (LON:CWR) has seen its order book balloon to almost £30mln following a series of tie-ups with global industrial giants.

Revenue and other operating income in the year to June rose 71% to £7mln, while orders rose to £29.8mln from £3mln. During the year Ceres signed strategic partnerships with Bosch and Weichai Power, deals that are expected to give sales another boost. Field trials start on power units with Bosch this year and to fuel electric buses in China with Weichai.

READ: Ceres Power to launch new UK fuel cell manufacturing facility

Ceres needs to tie-up a joint venture and licensing agreement with Weichai, which would trigger an increase in the Chinese company’s stake in Ceres to 20% from 10% currently.

Ceres is also working with Nissan on electric cars with the aid of a £7mln grant from the UK's Advanced Propulsion Centre.

Phil Caldwell, Ceres’ chief executive, said it had been a landmark year for the company.

“We have seen a big step change in order book and strong revenue growth as demand accelerates for technologies that can enable a post-combustion future.

“We are proud our unique British SteelCell technology is setting the standard for solid oxide fuel cell technology around the world.

“We are now working towards trials for three separate products that tackle air quality and climate change.”

Ceres ended the year with cash of more than £49mln following injections from Bosch and Weichai and a £20mln fundraise.

Loses for the year were £11.9mln (£11.4mln).

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