Timing of China JV agreements delayed

Timing 17 November 2022

Ceres Power Holdings plc

TIMING OF CHINA JV AGREEMENTS DELAYED UNTIL 2023

Horsham, UK: The Directors of Ceres Power Holdings plc ("Ceres", the "Company") (AIM: CWR.L), were informed last night that the negotiations will not conclude this year and approvals for the joint venture (JV) agreements with Robert Bosch GmbH and Weichai Power have been postponed until 2023.

All parties remain committed to the deal, the structure of which has been agreed. There are several commercial items remaining which require more time to be finalised between the partners. Ceres will update the market further on progress as appropriate.

Accordingly, this will delay Ceres' intention to seek a Premium Listing on the Main Market of the London Stock Exchange.

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About Ceres

Ceres is a leading developer of clean energy technology; fuel cells for power generation and electrolysers for green hydrogen. Its licensing model has seen it establish partnerships with some of the world's most progressive companies, such as Bosch, Doosan, Shell and Weichai to develop clean energy systems and products at the scale and pace needed to address climate change for power generation, transportation, industry, 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.