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I think this is exactly what ceres and shell are doing in India. 1MW up and running and producing H2 but I understand scaling to 10MW and possibly to 100MW.

A new partner in the USA 🇺🇸???

Bloom is hopping today, having had target doubled by JP Morgan. Fundamentally similar technology to Ceres, possibly not quite as advanced in SOEC.

It is only a matter of time there is a re-rating here. Data centres plus 90+% efficient electrolysis when heat is captured.

I’m optimistic. Long view I think we are on a serious investment. Short term a bit rocky.

As a non-specialist I occasionally see what an AI chat GPT perspective is.

I asked 2 questions.

Firstly if chat GPT could recommend a green investment. ITM power was listed second after orsted.

Other question was if a short squeeze was predicted. The answer was no- a short squeeze they suggested could require close to 10% shorted and lower volumes than ITM power trade daily.

It would be very nice as a long term investor to be on the benefit side of shorting which I view as fundamentally against innovation. Chat GPT doesn’t think that is likely though. A positive FID or solid news from hydropulse would be sufficient to shift the dial though.

Https://www.hydrogeninsight.com/electrolysers/interview-our-solid-oxide-electrolysers-can-produce-cheaper-green-hydrogen-than-chinese-alkaline-machines-topsoe/2-1-1841279

Although this is Topsoe, a competitor, it clearly validates SOEC on economic terms. Our partners are likely to be able to manufacture cost effectively at scale and beat Topsoe and our other competitor- Bloom.

I think we have put Bosch’s mistakes behind us from SP perspective.

Could it be Hyspeed that is referred to?

As a rather disgruntled plug power share holder I would caution that a 50% rise on bugg** all is still bugg** all. They have played fast and loose with high risk strategies and none have succeeded yet. I’m not without hope but ITM are in a fundamentally different place. ITM have a clear and navigable pathway to profitability. It pains me a bit but if I were seriously looking for electrolysers ITM would be my go to company.

Declarations: I am a share holder here and not too far underwater.

Totally agree prion.

Ceres tech and nuclear are made for each other. H2 with 90+ % efficiency using SOEC.

Now we are cooking. Thanks smokin. Good spot.

AI angle turned Bloom SP around. A few orders and the belief will return.

Plug took a load of gambles when ITM controlled costs, took time understand the market how quickly it was developing while honing their offering. ITM have been very focused on what they do best while plug power took on the task of forwarding the whole H2 ecosystem. Very different approaches.

I put a little money into Plug too so can speak without bias. I’m not expecting much of it back from plug.

ITM are very close to having a clear and assured path to profitability. We know their runway and the size of order book needed. They are getting close. SP will take off with a very small number of medium sized FIDs.

I expect those FiDs this financial year.

Current price at little more than cash in hand feels like a huge opportunity but it’s not zero risk.

Meanwhile Europe looks to delay decision on whether or not pink hydrogen (made using nuclear power electricity and electrolysis) is « low carbon » until 2028.

Dreadful politics.

It would be a great confidence booster if Doosan extended agreement. Looks like FY25 for some news from Denso on efficiency in their setting. All the evidence we have to date is good. Must be due news on Shell Ceres 10M SOEC in India. Last word mid Feb 25 was just a few weeks before turning on.

SOEC is a perfect partner for nuclear- plenty of waste heat that can be used to boost electrolysis efficiency to 90+ %

Hopefully Doosan will develop this. I can’t recall if Doosans license included SOEC or just SOFC.

Well put bilbo👍

When they deliver an annual total of 400MW electrolysers or less if there is a greater mix of Neptune V modules.

Nobody can say when exactly that may be but recent RNS suggest significant movement in the right direction and I think a path to profitability is easy to see .

I certainly wouldn’t be supportive of this. Plug are up to their ears in debt (I am a a shareholder there too- worst luck). ITM have been focussed and disciplined in costs and process since Dennis stepped in. Given 1-3 year lead times I’m not sure I would trust that plug will still be in business. Their debt facility could de-materialise in an instant if Trump administration pulls the plug.

ITM have their future in their own hands and getting closer to an order book that will see them to sustainable profitability. As that path becomes clearer the SO will rise.

Bosch and Weichai.

With Bosch out of the picture this may allow Weichai to progress with a simplified China approach. Bosch may have been stalling.

As far as I can tell Weichai are using and promoting SOFC using Ceres tech. They are mentioned specifically in the RNS in advance of the AGM.

Evidence of progress there could be a silver lining to the Bosch disappointment. If anyone is at the AGM a straightforward question about status and progress of with Weichai would be very welcome.

Plug power have done that. Not an overwhelming success. It could actually finish them off as a company. I believe they contracted to supply H2 at a fixed cost. Had to buy it on the open market and ended up paying a lot more. They are now producing their own and that is helping their figures somewhat but they are piled high in debt now and had to issue a going concern notice in part related to this issue.

Https://www.shetnews.co.uk/2025/05/08/statkraft-continuing-shetland-hydrogen-projects/

Statkraft is halting hydrogen projects internationally but continuing with Shetland/UK projects.

The data centre potential has seen a massive re-rate of Bloom energy share price. If Doosan and Denso can generate some decent orders in this field we should see the same here for Ceres.