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(Alliance News) - Ceres Power Holdings PLC on Monday said that its annual loss widened, driven by "increased energy prices" and "high inflation", as well as an increased investment into research & development projects.
The Horsham, England-based developer of clean energy technology reported a revenue of GBP22.3 million for 2023, a 13% increase from the GBP19.8 million reported for 2022.
However, pretax loss widened by 4.0% to GBP53.6 million from GBP51.5 million reported in 2022.
Operating costs also increased to GBP76.6 million from GBP66.1 million, a year-on-year increase of 13%.
Ceres Power Holdings invested GBP54.0 million into research & development in 2023, an increase of 11% from the GBP48.5 million invested in 2022, as part of the company's decision to "drive innovation and commercial acceleration in electrolysers".
In January 2024, Ceres Power Holdings signed a new fuel cell and electrolysis licence with Delta Electronics Inc, a Taiwanese electronics manufacturing company. The agreement included revenue of GBP43.0 million to Ceres Power Holdings through technology transfer and licensing, of which "approximately half is expected to be recognised as revenue in 2024".
Chief Executive Officer Phil Caldwell said: "After a challenging 2023, Ceres is already on track for a strong year in 2024, underpinned by a significant new licence deal with Delta, our first to include a solid oxide electrolysis cell.
"This is further validation of our strategy to accelerate investment into SOEC, our green hydrogen technology, and adds to our series of world-class partnerships as we continue to scale our business globally."
Ceres Power Holdings shares rose 2.4% to 142.26 pence each in London on Monday afternoon.
By Emily Parsons, Alliance News reporter
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