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There are still a few gaps in coverage though with manufacturing as global this may not be as n issue, though with tarifs and incentives it may be.

Europe SOFC ✔️ SOEC not covered

China SOFC ✔️SOEC not covered

Other Asia SOFC✔️ SOEC ✔️

India SOFC ✔️SOEC ✔️

North America neither covered

Australia neither covered (though Asia may cover given trade agreements)

Not bad in my view at this stage in company and technology development and dramatically more than 3 years ago when riding high at £10 share price.

This analysis may be a gross over simplification as one would need to see the details of licensing to know what is covered and I don’t think that is in the public domain.

As an aside sunfire SOECs announced for 3rd phase of RWE lingen plant. First phases were PEM sand I think this may be the largest SOEC deployment to date once completed. Currently Ceres and Shell hold that in India.

Https://www.gasworld.com/story/hydrogen-investment-to-top-680bn-in-2024/2144311.article/

This report is a really good read. A lot more projects should be moving through to FID.

Hopefully ITM will see its fair share of these.

Https://www.proactiveinvestors.co.uk/companies/news/1023667/ceres-power-poised-for-transformational-2024-1023667.html?rel=scroll

This is where ceres were at the end of 2023.

So far this year we have had several licensing deals covering both SOFC and SOEC. Gross margins look to be maintained and improved, the Doosan SOFC factory has come on line.

The only significant negative has been the Weichai Bosch partnerships haven’t progressed but that seems to my mind to be compensated by the denso and now Indian deals.

Directors appear to have been buying in around 230 mark. The big picture of SOFC micro grid is more positive and developing more quickly than anticipated in 2022/23 as a result of AI rapid development and energy demand.

Clearly patience required but I think the big negatives tugging on the H2 field don’t logically translate to this share. By this I’m referring to indebtedness and cost of borrowing which has taken plug power to the brink. Ceres appear to have adequate cash in hand to see through to profitability.

Feel free to critique this analysis if overly optimistic but it looks to me that aside from Weichai the board are delivering and executing to plan. What are the unknowns here that I haven’t explored?

I’m expecting results to be at inflection point. Royalty revenues should start to pick up in second half of 2024 and build quarter by quarter.

Welcome back Titania.

Does anyone know any UK manufacturers of green H2 equipment that might be able to take advantage of UK export financing to help unlock multi-billions in green energy projects in Chile?

https://www.miragenews.com/uk-chile-deal-boosts-green-hydrogen-exports-1312382/

Very interesting 🤔

Hi Josh. Welcome back.

I’ve given up on daily check for RNS. Can only hope that there is significant progress in the background.

Https://finance.yahoo.com/news/bloom-energy-coreweave-partner-revolutionize-200500337.html

Ceres power SOFC with Bosch, Doosan, Weichai or Delta as manufacturers should be competing in this fast growing sector.

I know people have been keen on pushing SNG for this. I have to say I’m not convinced. Most of the evidence for antivirals comes earlier in the infectious process. SNG I think probably does work a bit later but not this late where there is an inflammatory storm. Furthermore this was examined in the deep dive and I don’t recall there being much of a signal of possible benefit (correct me if I’m wrong and apologies).

Other issue for Norway that BEV proponents don’t mention is steep drop off of BEV performance in the cold. This doesn’t happen with FCEVs.

Morning Josh and Mrc

Good morning Josh. Have a good weekend.

Hope all is well Josh.

Https://www.ecoticias.com/en/volkswagen-hydrogen-brands-secret/3047/

VW changing their minds too, if this is to be believed.

Agreed. Interesting if true. I had been wondering when and how the pivot/u-turn could come about. There is a real logic for FCEC/BEV hybrid. Honda I think have one in the pipeline. Essentially Battery to cover daily range comfortably and hydrogen FCEV for the longer journeys. Those with hybrids at the moment tell me they rarely fuel up. There is no synergy though with ICE diesel/petrol and BEV. There is though with FCEV/BEV.

Interesting times. Might help change the mood music on H2 though and that can be no bad thing. Ultimately though we need FIDs and firm orders before SP can return to previous levels.

DS did tell us a while back that they would not be updating us with news of every order, only larger orders with material individual impact on results.

Does anyone know if the fees for this have already been booked or if that is to come in next reporting period?

Https://x.com/itmpowerplc/status/1800159380459172321?s=46&t=lUUs8mZ3DzN0LONpU_7P4w

Link to the platform formerly known as twitter.

https://x.com/itmpowerplc/status/1800159380459172321?s=46&t=lUUs8mZ3DzN0LONpU_7P4w

Clearly this news hasn’t greatly affected SP today. It is big news albeit rather delayed. Huge potential here should Yara stick with ITM for further developments.

Meanwhile Ceres power have put out an RNS because they are hosting a webinar on green Hydrogen.

Bizarre

Not sure could be.