Ceres Power upbeat ahead of half-year point

Solid oxide fuel cell technology developer Ceres Power Holdings updated the market on its trading ahead of the end of the six month period to 31 December on Friday.

The AIM-traded firm said first half income was expected to increase by around 80% to £3m, adding that “key milestones” had been delivered with all partners including Honda, Nissan and Cummins.

It said it was on track to begin field trials in 2018 with its first go-to market product, and also confirmed a ‘new technology assessment agreement’ with an unnamed global original equipment manufacturer had been reached.

The board added that further original equipment manufacturers were in the “final stages” of agreement to work with its ‘SteelCell’ technology.

“We have made rapid progress in the second half of the year, both commercially and technically,” said Ceres CEO Phil Caldwell.

“We continue to hit our targets with our current development partners, resulting in further growth in revenue which we expect to significantly increase over the same period last year.”

Caldwell said he was “delighted” to announce a new relationship with another global OEM, and could confirm that it was in final discussions with others.

“This new agreement maintains the growth trajectory we have been on for the past two years and is consistent with our plan to work with the world's best partners in commercialising our technology.

“Interest and awareness of the role the SteelCell can play in the future energy mix continues to grow.

“In 2018 we expect to see existing programmes progress from development into field trials with higher power systems and to take the next step towards commercial launch with the addition of new OEM partners.”