Less Ads, More Data, More Tools Register for FREE

Pin to quick picksCeres Power Regulatory News (CWR)

Share Price Information for Ceres Power (CWR)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 181.80
Bid: 182.40
Ask: 183.20
Change: -7.40 (-3.91%)
Spread: 0.80 (0.439%)
Open: 180.20
High: 191.70
Low: 180.00
Prev. Close: 189.20
CWR Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Trading Update

15 Dec 2017 07:21

RNS Number : 4356Z
Ceres Power Holdings plc
15 December 2017
 

15 December 2017

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

Ceres Power Holdings Plc Pre-Close Trading update

SIGNIFICANT COMMERCIAL PROGRESS

 

Ceres Power Holdings Plc (AIM: CWR), a world leading developer of the SteelCell® low cost, next generation solid oxide fuel cell technology, provides a trading update ahead of the six months ended 31 December 2017.

 

Highlights

· First half income expected to increase by ~80% to £3 million

· Key milestones delivered with all partners including Honda, Nissan & Cummins.

· On track to begin field trials in 2018 with first go-to market product.

· New Technology Assessment Agreement with a leading Global OEM announced today.

· Further OEMs in final stages of agreement to work with SteelCell® technology.

 

Delivery of key customer contract milestones driving revenue growth

Ceres consolidated relationships with its existing partners meeting key milestones and securing follow on business. As a result, the company is on track at the half year to deliver £3 million of income, an increase of ~80% year on year:

· Ceres has now completed the technology transfer with its commercially confidential customer on time and on budget. This has enabled the OEM partner to develop a multi-kW combined heat and power product with field testing planned in 2018.

· In response to demand for higher power applications, Ceres is working with Cummins and the US Department of Energy in the development of a 10kW power only system, initially to target data centres. A key milestone achieved in this programme has been the development of a larger format of the SteelCell® which is opening up new applications for, the technology.

· Ceres continues to meet the milestones provided for the Range Extender programme announced in June 2016 which has resulted in securing follow on agreements with Nissan.

This progress has been enabled by the growing reputation of the technology. Successful field trials of the technology in the UK have confirmed the efficiency, flexibility and reliability of the SteelCell® in real-world conditions and this has further enhanced its reputation with world-class companies.

 

New OEM agreement

Ceres is today announcing it has signed a new Technology Assessment Agreement with a leading Global OEM. Under the terms of the agreement, Ceres will provide the SteelCell® technology at the stack and system level for evaluation for combined heat and power applications. If successful, this would lead on to a Joint Development with the OEM partner in 2018.

The company is also at the final stages of agreements with other commercial partners and Ceres is confident of signing further contracts by early 2018.

 

Phil Caldwell, CEO said:

"We have made rapid progress in the second half of the year, both commercially and technically. We continue to hit our targets with our current development partners, resulting in further growth in revenue which we expect to significantly increase over the same period last year.

"I am delighted to announce a new relationship with another Global OEM and can confirm that we are in final discussions with others. This new agreement maintains the growth trajectory we have been on for the past two years and is consistent with our plan to work with the world's best partners in commercialising our technology.

"Interest and awareness of the role the SteelCell® can play in the future energy mix continues to grow. In 2018 we expect to see existing programmes progress from development into field trials with higher power systems and to take the next step towards commercial launch with the addition of new OEM partners."

 

- Ends -

 

For further information please contact:

 

Ceres Power Holdings plc

Phil Caldwell, CEO

Dan Caesar, Communications & Marketing Director

 

+44 (0)1403 273 463

Zeus Capital - Nominated Adviser and Joint Broker

Giles Balleny / Andrew Jones / Hugh Kingsmill Moore

 

+44 (0)20 3829 5000

 

Berenberg - Joint Broker

Ben Wright / Mark Whitmore / Laure Fine

 

+44 (0)20 3207 7800

Powerscourt

Peter Ogden/Andy Jones

 

+44 (0) 20 7250 1446

 

About Ceres Power

 

Ceres Power (http://www.cerespower.com/) is a world leader in low cost, next generation fuel cell technology for use in distributed power products that reduce operating costs, lower CO2, SOx and NOx emissions, increase efficiency and improve energy security. The Ceres Power unique patented SteelCell® technology generates power from widely available fuels at high efficiency and is manufactured using standard processing equipment and conventional materials such as steel, meaning that it can be mass produced at an affordable price for domestic and business use. Ceres offers its partners the opportunity to develop power systems and products using its unique technology and know-how, combined with the opportunity to supply the SteelCell® in volume through manufacturing partners.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
TSTLFFILFVLSLID
Date   Source Headline
27th Jan 20062:56 pmRNSHolding(s) in Company
26th Jan 20067:01 amRNSNational energy role
23rd Jan 20064:43 pmRNSHolding(s) in Company
19th Jan 20067:01 amRNSHolding(s) in Company
22nd Dec 20057:00 amRNSBlocklisting Interim Review
12th Dec 20057:01 amRNSNew contract award
21st Nov 20052:56 pmRNSResult of AGM
18th Oct 20057:00 amRNSAnnual Report and Accounts
30th Sep 20057:01 amRNSFinal Results
28th Sep 20057:04 amRNSTechnical Milestone
16th Sep 20057:00 amRNSBlocklisting Interim Review
15th Sep 20057:00 amRNSNotice of Results
13th Sep 200512:14 pmRNSHolding(s) in Company
5th Sep 20057:01 amRNSSecond BOC contract
15th Aug 20057:00 amRNSBritish Gas agreement
10th Aug 200511:25 amRNSHolding(s) in Company
10th Aug 200511:23 amRNSHolding(s) in Company
22nd Jun 20057:00 amRNSAdditional Listing
23rd May 20057:01 amRNSSize/cost breakthrough
16th May 20057:01 amRNSDirector Shareholding
16th May 20057:00 amRNSPerformance milestone
14th Apr 20057:00 amRNSHolding(s) in Company
6th Apr 20057:01 amRNSMajor technology award
15th Mar 20054:28 pmRNSBlock Listing Application
15th Mar 20057:00 amRNSInterim Results
23rd Feb 20057:01 amRNSGBP1.9m Govt Contract Award
21st Feb 20057:01 amRNSRe Agreement

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.