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The first news of further commercial development of Ceres tech with Doosan and LG. Export more news of this type and ramping up of production in due course.

https://biz.chosun.com/en/en-industry/2026/02/10/2AJEYL5T4NGT5JKGJ4CRM2IIQY/?outputType=amp

I think we need substantial news from one of our licensees before the dual will turn on SP. Markets are in no mood for jam tomorrow.

This could happen any time. Watch Doosan fuel cell SP and announcements. Await word about scale of Weichai manufacturing. Thermax and Denso too.

Doosan I would say is most likely to drop news next of substantial order. South Korea is ahead of many of fuel cell uptake. Bloom had their first substantial order there from SK ecosystems but they have now switched to Doosan and ceres tech.

Totally agree re: daily fluctuation in the absence of substantial news.

Hi tennents. There was an FID today for 5 mw in New Zealand. No supplier named. A nice wee Neptune maybe?

Agree re:bloom and tech. Although it’s dropped very heavily over 2 days it’s still at a very high price.

Let’s see what tonight shows with those results.

I suspect it will be more about predictions than actual retrospective results. It’s a fast moving field.

Ceres are in a great position.

Yes. I expect just a view that perhaps Bloom and Iren share prices has got a bit ahead of themselves.

I managed to sell out of bloom at $150. While tempting to buy back in if there is a significant retrenchment I think Ceres is the best option. Less capital intensive model that should facilitate rapid global scaling up and more importantly better technology. The downside of this model is that ceres is less in control.

Bloom. Down 17% on no news. Results tomorrow.

The RNS could come from any one of our partners.

This was on an ITM power chat group but is much more relevant to ceres power.

https://www.zerohedge.com/news/2026-02-02/fuel-cells-poised-capture-13-data-center-power-demand-2030

Great article. Quite technical but huge, huge positives for assessment of ceres technology.

Thanks Bilbo. I guess the excitement here really is that the kinds of improvements that they were talking about in efficiency and size are potentially game changing when it comes to making the numbers line up in economic case. The sooner the better.

I’m no strategist but they must have thought long and hard about how much information to disclose.

They have about £150m of FIDs in place with committed orders. This is sufficient to see significant growth and narrowing of losses but won’t take us through to profitability.

I had a couple of concerns from watching the investor presentation. The main one is a double edged sword. I’m referring to Chronos. The technology development in the medium term will be a fantastic engine for growth but the stepwise improvements promised may make clients reluctant to FID on trident.

It was disappointing that they wouldn’t commit to timeline.

Yeah. All over the place. Must just have been opening price before trades filtered through.

Any ideas why opening price is up nearly 8%? Digesting the investor presentation over the weekend and realisation of value?

Calendar year is rather arbitrary and looking at where these companies are is likely to be more fruitful.

Ceres power rise this year is partial recovery from a grizzly short attack. Meaningful news awaited.

Bloom have had meaningful positive news and the rise is on top of very significant rises over the last 12 months. They are an indication of how quickly things could rise with a string of positive FIDs.

Plug may be up over this period but sitting not that far from all time lows. Serious questions over dilution.

NEL are pretty much running close to all time lows and haven’t had meaningful news for upward momentum.

I would say bar bloom and ceres which are in SOFC business for data centres ITM is my pick of the bunch.

Thanks everyone. Lots of sensible and informative replies. I totally accept that my use of “clearly” to describe market reaction could have been better. Agreed lots of factors at play. I suspect sustained rerating of SP needs a decent sized FID and a clear timescale to profitability.

Grizzly raid on Ceres was clearly market manipulation and should be investigated. Having said that I can thank them for allowing me to buy the dip. It doesn’t mean their actions weren’t illegal market manipulation.

Nice find.

"Eld Energy specializes in offshore and maritime energy solutions. This collaboration integrates Delta's Solid Oxide Stacks into our SOFC systems, offering superior efficiency and stability. This project validates SOFC mass production and feasibility, accelerating offshore and maritime decarbonization."

We are just waiting for the big AI data centre related purchase order for SP to take off.

This is a vote of confidence in the technology and I like their phrase “validates mass production”.

This is my worst performing share. This is despite management doing what they say- progressive dividend. There was a downgrading in NAV calculations last year due to long term lower than expected wind speeds.

The turning point was the last government applying windfall taxes to renewables as well as FFs. It is unclear how much that effected this share and returns but progressive and steady fall in SP since then. Pretty much halved in value and now paying over 10% yield.

Clearly the market doesn’t believe this yield is sustainable long term. The discount to NAV (even with downgrading) is massive. This is a conundrum and I think management need to address this.

Clearly the market has not reacted positively to the interim results. It looks to me the one figure that is a dark spot is the full year adjusted ebita loss that is anticipated.

Was there any light shed on why this is not narrowing when revenue is growing and accelerating? Is this legacy unprofitable contracts or increased investment ahead of increased volume production?

I would be pleased to learn if anyone has insight into this figure.

Indeed. One of 12 companies on the trade mission. A more optimistic geopolitical backdrop perhaps. The tide may be turning against Trump, Canada have agreed deal with China and the government has approved the Chinese embassy in London.

The Chinese like trade announcements to be politically advantageous.