Issue of Equity

19 May 2021

Ceres Power Holdings plc

Weichai Power Equity Investment

Horsham, UK: Ceres Power Holdings plc ("Ceres", the "Company") (AIM:CWR), a global leader in fuel cell and electrochemical technology, confirms that further to the announcement on 18 March 2021, Weichai Power Hong Kong International Development Co. Limited ("Weichai") has received the necessary PRC governmental approvals relating to its participation in the Company's Placing and Offer for Subscription. Weichai has therefore subscribed for an additional 4,099,951 new ordinary shares of 10 pence each ("Ordinary Shares") at the same subscription price of 1,060p (the "Weichai Subscription").

Application has been made to the London Stock Exchange for the Weichai Subscription shares to be admitted to trading on AIM. Admission is expected to take place, and dealings on AIM are expected to commence, at 8.00am on 20 May 2021. The Shares will, upon issue, rank pari passu in all respects with the existing ordinary shares of 10 pence each in the capital of the Company.

This investment totals £43.5 million and was completed under the anti-dilution provisions of the existing agreement to maintain Weichai's holding at 20% of the Company's issued share capital. The allotment will be satisfied using the current shareholder authorities approved at the last Annual General Meeting.

Total Voting Rights

On admission of the 4,099,951 new Ordinary Shares and following the exercise of employee share options, Ceres confirms that as of 19 May the Company's issued share comprised 190,389,356 Ordinary Shares, with one voting right per share. The Company does not hold any Ordinary Shares in treasury. The total number of Ordinary Shares and voting rights in the Company is therefore 190,389,356.

Accordingly, these figures may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the Company, under the Disclosure and Transparency Rules.

For further information visit www.Ceres.tech or contact:

About Ceres

Ceres is a world-leading developer of next generation solid oxide fuel cell (SOFC) and electrochemical technology. Its asset-light, licensing model has seen it establish partnerships with some of the world's largest engineering and technology companies, such as Weichai in China, Bosch in Germany, Miura in Japan, and Doosan in South Korea, to develop systems and products that address climate change and air quality challenges for transportation, industry, data centres and everyday living. Ceres is listed on the AIM market of the London Stock Exchange ("LSE") (AIM: CWR) and is classified by the LSE Green Economy Mark, which recognises listed companies that derive more than 50% of their activity from the green economy.