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As it is a wet Saturday afternoon, my attention was drawn to some of the intricacies of our short sellers. One on Arrowstreet caught my eye.

They are short 1,518,617 shares.

Of that, 603,553 were in four increases totalling .31%, between 20 March and 8 April 2025 at prices between 54.83p and 72.75p. That totals £352,835.

At Friday's close of £3.47, those shares purchased, rather than shorted, would be worth £2,094,329. A profit of £1,741,494 or 493%.

As it stands, they will have to pay more than that to buy them back.

I bet they can't wait till Ceres falls to 20p, or maybe even 10p if they are lucky.

I was wrong about a Voleon manager crying into his G&T.

Voleon is, in fact, a machine-learning-based hedge fund. This paragraph is from Wikipedia. Read the last sentence twice.

The firm engages in statistical arbitrage by going through data to find trading signals and patterns related to securities. A machine learning approach is used where computers are trained to operate independently with no human supervision to write algorithms that make predictions for trades. The founders have stated these algorithms are like black boxes, and they do not know how they work internally. An example of machine learning involves the analysis of terabytes of data on every price change of every stock in 15 years. While other peers also use machine learning, Voleon focuses solely on it when performing trades

A trying, or should I say crying, day for our shorters.

Someone from Valeon will be gazing into the bottom of their Friday G&T glass wondering who thought this was a 'good idea'.

The Coleshill project is dead.

The mill was shut downAugust 2025, with 200 redundancies, because of the UK ban on plastic-containing wetwipes.

The GE results are out and they are down 5.6%.

I assume we are marked down in sympathy.

https://uk.investing.com/news/transcripts/earnings-call-transcript-ge-aerospace-beats-q4-2025-forecasts-stock-dips-93CH-4465619

From investing.com today (Look at the power ratings to be supplied)

Investing.com - Bloom Energy Corp. (NYSE:BE) stock is gaining attention after RBC Capital reiterated its Outperform rating and $143.00 price target on the fuel cell manufacturer. The stock currently trades at $151, slightly above the target, after delivering an impressive 525% return over the past year.

The reiteration follows the discovery of an air permit filing that indicates Bloom Energy fuel cells will power a 1.5 GW datacenter in Navarro County, Texas. The permit, filed by Hedgehog USA on December 29, 2025, details plans to use 4,615 Bloom Energy servers for electricity generation at a "purpose-built, off-grid energy & data center."

According to the filing, construction is scheduled to begin in August 2026, with the first phase starting with a 104 MW behind-the-meter solid oxide fuel cell (SOFC) foundation before expanding to 300 MW, then to 800 MW and beyond.

RBC Capital views this development as "another proof point that BE’s fuel cells are being broadly adopted by datacenters at scale" and highlights the company’s behind-the-meter opportunity in the datacenter market. Investors should note that Bloom Energy will report its next quarterly earnings on February 5, with analysts expecting continued revenue growth.

Hydro Jen

Your book is not how things work. Orders placed are a commitment to buy the product offered, with that product fully compliant with the specification in that offer.

In the ( fairly unlikely but not impossible) event of the kit failing the CE tests, delivery is delayed subject to rectification.

The order is real, but the delivery might be late pending tests. The customer would be made aware of that position at this stage in the development and launch of a new product.

In placing the order, the customer is also ‘booking a slot’ in the queue for this kit. That is more important to them than it maybe being a month later than desired. They will still be getting the ‘first’, and that is why the order is real for them, and thereby for AFC.

Aobfc

The 'scramble' will be for a total of 24,742,356 shares, including the 1.1% Qube short.

When? Who can say? At some stage, one or more, likely a sequence of announcements, will see us make sustained upward progress towards a fuller valuation.

Whatabout

The attack may not be over. However, if you look at the dates of short movements, a lot of them increased at prices way lower than we are now.

Several of these positions are not very profitable, e.g., two of them (last) increased on 2 Jan when we were 214p.

I think they expected a more severe impact from the Grizzly move. Personally, I prefer being on a Goldman Sachs top picks list.

Correction - I misread that.

We now have 5 shorters, though Voleon can hardly be pleased with today's price move, oops.

Voleon, one of our four shorters, dropped .05% to 0%. Bye bye and your friends will be following you very soon.

Percy

For Doosan and work in Korea, that is certainly the case. In the USA, data centre power-houses will burn natural gas in either a turbine or a fuel cell. SOFC can of course use either, and turbines are well down that duel fuel path too.

Gas is widely, and cheaply, available across most of the US and that is what the Bloom kit for data centres will be using.

There is now a politically tricky issue arising in the US around this issue. Essentially, power companies are jacking up the cost of electricity to domestic customers in areas where new data centre are being built. Hence operators who build their own power supply (turbine if you can find one, or fuel cell) will get planning permits. Others will not.

Loads of customers for a US based Ceres partner. I cannot believe we are not is discussions with some US companies.

Correction. You CAN build.

Not such a problem.

You cannot buy a gas turbine at the moment as the production capacity for the next three years is already ‘sold’, and new capacity will take a couple of years to build and equip with the machine tools required.

You cannot buy a build an SOFC plant faster than that as Delta will prove.

Sonof

That sounds more like a good reason not to be invested here any more.

But here they are, one on constant whine mode, the other living in the past, regurgitating posts from 2017 about people who no longer work for AFC and projects that everyone knows failed.

But here they are.

We are an intellectual property company based on developing, and improving, solid oxide fuel cells.

In addition, we have a 'sample' manufacturing facility to prove the 'manufacturability' of our kit, and extensive testing facilities to evidence performance.

The benefits of Ceres ongoing development is open to all of our licensees.

We do not sell production models of our kit to anyone. Hence, we NEVER compete with our licensees.

That positioning gives us a genuine technological and commercial 'neutrality' that is highly attractive to current and future licensees.

Were one of our licensees to buy Ceres, that neutrality is void, no matter how many 'nice' statements the new owner might make. That would be the beginning of the end for Ceres and an open invitation to the other licensees to rip off the technology, or diversify away from Ceres.

Ceres is often spoken of as being an intellectual property company in the same model as ARM (in semi-conductors)

Does anyone remember when NVIDIA tried to buy ARM before it floated on NASDAQ? The reaction from ARM's other customers e.g. Apple, put an end to that idea damn quick, and they floated.

Why will Ceres not be taken over by one of our licensees?

Because it would destroy the business model on which Ceres success is based.

Hygen are our partner. If this one is PEM and is approved, it should be coming our way.

BP announced 4-5Bn impairments in Q4 for energy transition projects.

We will not be seeing much of them n the future of blue H2 in the UK (or anywhere else).

To get to target H2 production in the UK, Green needs to be both upscaled and speeded up.

Our recent 'low' was 206p on 31/12/25

Closing at 278p today 13/1/26

Quite an improvement/recovery in two weeks, and more to come.

A full page article headed, ‘How wasted wind pushes up bills’.

I wonder if our guys have a route to make something of this. There is both money and huge PR benefits to be gained from a technically and economically coherent response to this.

Looking to the future, the article closes with, ‘these green elephants will be around for quite some time’.