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Big rise in Doosan fuel cell overnight. Now at all time highs pretty much. Hopefully some of that positive momentum will rub off on Ceres.

Thanks. Yes. Good news.

Was this the Feb 16th RNS that didn’t name the company for the 20MW FID?

This is a really important milestone and ideal that it coincides with recognition under EU rules that uk made electrolysers are European.

Awesome and well done to the ITM power team.

Any reason we are nicking the trend today? Just general momentum on our underlying message and logic of SOFC for AI and decentralised grid?

Are the costs too high for day trading this stock. A buy today was a total no brainer?

Https://seekingalpha.com/article/4873465-bloom-energy-why-the-next-ai-winner-wont-be-a-software-company

The argument here is very strong. This article is with reference to Bloom but could equally be applied to any of Ceres SOFC partners.

Yeah. There will be a market fall and rather illogically take ITM down to. Longer term this type of geopolitical instability strengthens the case for European energy independence which can only be achieved with renewable, hydrogen and a move away from FFs.

I don’t expect the market to see it that way though on Monday morning.

A large AI data centre was refused planning permission on the basis of diesel back up power. Fuel cell back up or primary is the way forward.

https://www.holyrood.com/news/view,edinburgh-council-refuses-planning-permission-for-ai-data-centre

Agreed Bilbo. Dennis is running a tight ship. I think we are world no 1.

Competition is flaking: plug is a gamble, Cummins are out of the game, Nel have been a bit all over the place. Thyssenkrup Nucera I’m not sure about. They don’t seem to have been able to build much on their huge NEOM order.

Not universally negative for Nel. SP up a little. Big increase in order book. Loss posted largely investment in new manufacturing and write offs of old.

Still ITM in a better position and more focused. Nel have both PEM and alkaline.

Yes. Nice news. Accelerating deployment. Slightly lacking in hard figures but this is still great news. They only signed new agreement in Nov.

Once some figures start to come through re: production scale and orders we can expect some serious SP momentum. There may well be an update at results meeting. Ceres last year said they were pivoting to support licensees with accelerating SOFC manufacturing and deployment. Exciting times.

I have been keeping an eye out for developments and suggestions of scale re: Weichai. This came on AI overview though I cannot find any reference to GW scale by Weichai in the documents quoted.

“Market Impact: Weichai estimates that 1GW of deployed, distributed SOFC power could reduce emissions by 2 million tonnes per year and save 600 million cubic meters of natural gas compared to traditional generators.”

Interesting but unsubstantiated as far as I can tell. If GW scale is on the cards with Weichai ceres power are home and dry as a company and our shares will fly. Bloom still soaring and Ceres tech is better.

It was stated in documents that revenue from license would be recognised in 2026 not 2025 (this appears to be substantiated and is quoting Phil Caldwell in Nov 25).

Totally agree Wookie. Undervalued SP just now is irrelevant to LTHs. Ultimately the value of the company will be determined by its sales growth and profitability. There is a clear trajectory here.

With the uk and Europe going further into renewables the logic of green Hydrogen is inescapable both as energy carrier and grid balancing. The infrastructure to support this is being built as we speak. FIDs will follow as will revenue and profit.

Between now and then the shortest can feed off each other and for serious investment the opportunities for good value entry will persist for a bit.

I hadn’t realised morgen wasn’t confirmed ✅

Morgen also have a 60mw in HAR2 I believe (Teeside). Dennis attaches a lot of importance to return business. Clear validation of quality and service.

Doosan fuel cell up 9% today. Having said that still broadly in line with 6 month range. Like a lot of fuel cell manufacturers SP quite volatile

Doosan also announced a partnership with LG in fuel cells n the last 2-3 days(see my post).

LG have a big contract with Microsoft for data centres….

Https://hydrogen-central.com/hydrogen-fuel-cell-edinburgh-data-centre-refusal-highlights-the-need-for-clean-back-up-generators/

While this may benefit fuel cell manufacturers it also will benefit electrolyser manufacturers as the Hydrogen needs too ok be produced cleanly for data centre backup power , even if they secure grid connection.

Interesting development.

Https://enkiai.com/ai-market-intelligence/lgs-2025-ai-data-center-cooling-dominance-revealed

If indeed ceres tech via Doosan is going to be at the heart of LGs data centres this is huge.