Member Info for exp1orer

One of the reasons why SK shifted to Ceres from Bloom is the business model (technology licensing) that Ceres has (Like ARM) which Bloom doesn't have... Ceres is not exposed to high-capital investments because the licensees are the ones bearing the costs of setting up the factories and mass producing them. The more licensees producing the technology the quicker its licensees can deploy the technology in the data centres... because the platform design is standard across the licensees, customers like SK can buy more of SOFC stack units from other licensees like Delta, Weichai, Denso and many more (once they all start running their factories) if Doosan has a factory capacity constraint. think of it like the SDRAM modules which are produced by different manufacturers but can be used on the same PC because they follow the same standard.

Aside from having the highest efficiency, Ceres SOFC/SOEC power/energy stacks are easy to manufacture because it is using steel substrates which is readily available compared with ceramics of Bloom. That is why Ceres stack technology has 76% gross profit margin versus Bloom's 31%

Data centres requires 100% up-time which means highly-maintained by qualified personal 24/7/365... is Elon Musk ready to send his maintenance team full time in the space? LOL. I assume the data centres will not just be in one space craft?

With the current development of nuclear fusion, I don't see in commercialised in 10 years time... not even 15 years.

Autonomy1,

Yesterday's UT volume was meaningful because the volume bought was 1.7M shares which is significantly higher (more than 3x) than the normal daily UT volume. It's a entry of a big player or institution which would not bet their £3.8M on a stock if they don't have confidence on it.

Monday will surely be different... 1.72M shares (£3.M value) bought at UT.

Currently...CoreWeave is +11% and Bloom is +9.5%

Whatabout,

I was very suspicious about it as well but did not mention it in my previous comments. When I read the shares it lent it came to my mind why on earth did they lent and the Grizzly name came to my mind. I was really suspicious of that Grizzly shorts last week because it was also covered by many media outlet including Investing.com which they don't normally publish news about shorts. They don't even publish share price update by some analysts and I was thinking Grizzley must have done it for the benefit of a bigger player... in less than two weeks they achieved both their goals.. Grizzly made money from their short and JPM was able to increase their holdings at a much cheaper price.

It bottomed out yesterday and today is just gathering momentum for the next move up... at least that's what the 4-hour/1-hour/15-min MACD graphs are telling me... if you missed buying yesterday and today, prepare to pay higher prices...

RNS today @ 16:30: JP Morgan increased its holdings from 5.1% to 5.5% on Tuesday (16/12) and issued the official notification yesterday (18/12).

It looks like the fearful played along with what the greedy wanted. not obvious to most, there was a big buyer at UT yesterday... ADVFN trade transactions say there was only about 664K shares bought... but the data by Investing.com says the total shares bought at UT alone is 4.5M shares.

Beamer21, if Grizzly was responsible for the running it up to 430p then they should have shorted it from there and not at about 300p when they placed their short (10/12).

Grizzly put their 1.28% short yesterday (10/12) and then published their article today to pull the price down.

Jera and Denso begin hydrogen production at Japanese thermal power plant

By Edward Laity (on Sep 26, 2025)

Jera has started hydrogen production at Japan’s Shin-Nagoya Thermal Power Station using a 200kW solid oxide electrolyser (SOEC) supplied by Denso.

Representing the first hydrogen production test at a thermal power station in Japan, the companies aim to achieve world-leading electrolysis efficiency using Denso’s heat management technology.

By using the plant’s waste heat as part of the energy input, SOECs can achieve efficiencies of around 80%, consuming less electricity than PEM or alkaline electrolysers.

https://www.h2-view.com/story/jera-and-denso-launch-hydrogen-production-at-japanese-thermal-power-plant/2132624.article/

DENSO and JERA have begun Japan's first demonstration of SOEC hydrogen production at a JERA Thermal Power Station. Denso is Japan's largest automotive supplier and 2nd largest automotive supplier in the world and is competing against Bosch in the top position. Dneso is under Toyota Group, the largest carmaker in the world. Jera is Japan's largest electric power producer and supplier.

https://www.neiaap.com/article/jera-and-denso-begin-hydrogen-production-at-japanese-thermal-power-plant

https://www.ceres.tech/newsroom/news-and-insights/denso-and-jera-announce-demonstration-of-soec-hydrogen-production/

Also Grizzly have no clue why Bosch backed out from the deal. Bosch is struggling financially and had to cut 13,000 jobs to survive. Also Bosch was doing parallel developments: SOFC of Ceres and their own PEM and decided to take PEM forward and drop SOFC to cut costs. I would bet that Bosch may have regretted that decision.

1. "Ceres has a history of ambitious partnerships and unrealistic projections that keeps repeating."

Ceres, in fact, was very honest about their 2025/H2 projected revenue/income despite having already the Weichai contract almost done deal and only waiting for signature of the.

2. "We found that Doosan is already struggling to find customers for its current 50MW manufacturing capacity."

Clearly the researcher from Grizzly did not do their homework. Doosan Fuel Cell Teams up with SK and Hyosung to Supply Hydrogen Backup to Korean Data Centers: https://fuelcellsworks.com/2025/11/10/clean-energy/doosan-fuel-cell-teams-up-with-sk-and-hyosung-to-supply-hydrogen-backup-to-korean-data-centers-t79694908

3. "It is one among multiple JVs, agreements and products that WeiChai and Ceres developed together and failed."

Clearly the researcher from Grizzly did not do their homework. Weichai sign manufacturing licence for SOFC power:

Highlights of the announcement:

• Builds upon a strong, existing commercial relationship with Weichai – Weichai will now manufacture cells and stacks for their stationary power systems. This agreement supersedes existing agreements with Weichai.

• Further expands Ceres global manufacturing partner portfolio to four.

• Significant revenue and cash generation – licence fees, milestones and royalties are consistent with previous Ceres manufacturing licensing agreements.

Weichai intends to establish a manufacturing facility to produce cells and stacks for the stationary power markets supported by key components supplied from Ceres, targeting power for AI data centres, commercial buildings and industrial applications. SOFC systems will complement Weichai’s existing product portfolio for power generation, including gas engines and powertrains.

Given the timing of the agreement, revenue recognition for the licence fees are likely to be booked in FY26 so 2025 Group revenues will remain as previously guided.

4. "A core issue in Ceres' business model is that it shifts all product R&D, industrialization, and capital requirements onto partners, a strategy that has failed for over a decade."

Those licensees who already signed the contract with Ceres would not commit a GBP40M+ licensing agreement and setup at least USD100M+ per factory if they haven't tested Ceres technology for years. It's obvious that the people from Grizzly have no clue how those global licensees tested Ceres products for years for thousands of hours before they signed the licensing contract the spend USD100M+ in setting up the factories.

5. "This sits alongside other flaws, including the technology's reliability, maintenance and serviceability challenges, limited market size, and total dependence on licensees."

Again, the people from Grizzly have no clue how Ceres technology has been tested for years for tens of thousands of hours not just by Ceres but by the licensees as well before the licensees signed the c

I read this rebuttal on Grizzly's previous researches (May 2025) and 99% are wrong and the stocks they tried to short had in fact increased the prices after the attempt to short them. LOL

read them here: https://albertoag.substack.com/p/the-tide-is-turning-shorting-14-stocks

Of course that's what the short sellers would say to pull the stock price down to their favour... it's a common sense for the short sellers to do that... but I can guarantee them that they will have a shock of their life soon if they keep doing that... they have no clue what's coming. LOL

Ceres has two facilitates. One in Horsham which is their R&D and long-term testing facilities. The other one is in Redhill which is a low-volume factory that produces actual product for internal testing and customers'/licensees' testing. Its global licensees like Doosan, Delta, Denso and Weichai did not just sign the contact and pay about GBP40M to license the technology without testing them. It took them about 2~3 years to test Ceres technology with actual products ands test them for thousands of hours before they decided to sign the contact to license the technology and start paying GBP40M to Ceres. In fact, Weichai took much longer (maybe 5 years ) before they decided to license the technology. So it's not true that Ceres is just a bunch of office employees. In fact it has a pool of scientist sand engineers that know what they are doing.

Capital Fund Management has 0.5% short on 24/11.

Bloom's gross profit margin is 31.2%

https://uk.investing.com/equities/bloom-energy-corp