Ceres Power posts positive update

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Ceres Power posts positive update
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The price of shares in AIM-listed fuel cell specialist Ceres Power Holdings (LON:CWH) has climbed by 2.40% to 213p (as of 15:25 BST) after its revenue rose by 133% for the year ended 30th June. The company has launched its first products in Japan during the period and the order book for current trading is strong.

CEO Phil Caldwell said: “2019 was a milestone year for Ceres, which saw us double revenue for the fourth year running through significant license deals and secure our first commercial product launch in Japan later this year, while also approaching first production at our new UK reference manufacturing facility.

“We now have license agreements in place with four of the world’s largest engineering and power companies. Bosch and Weichai have chosen not only to partner with us but have invested in significant equity stakes, aligning them to the future success of our business and ensuring that Ceres is well-capitalised to deliver against its strategy.

“Global awareness of the role that fuel cells can play in tackling climate change and improving air quality is growing rapidly. The talent of our team and the quality of our customer partnerships give us increased confidence in the future prospects of Ceres and its long-term value to shareholders“.

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