Significant commercial progress during H117
Ceres Power has announced a sequence of customer wins during H117, one of which was its first “go-to-market” agreement. This brings the total number of commercial agreements signed in calendar 2016 to four: Cummins, Honda, Nissan and an undisclosed global OEM. These wins have helped generate £1.5m of revenue and other operating income, three times the H116 total. This growth, together with an order book totalling £4.8m at end H117, supports our estimates, which we leave unchanged.Ceres Power Holdings is a fuel cell technology and engineering company. Co. is working with partners to embed its SteelCell™ technology in mass-market energy products for the commercial, residential and transportation markets. SteelCell™ is Co.'s Solid Oxide Fuel Cell. SteelCell™ is a perforated sheet of steel with special screen-printed ceramic layers that electrochemically convert a variety of fuels directly into power. The principal activity of Co.'s subsidiary, Ceres Power Ltd is the commercialisation and continued development of Co.'s fuel cell technology.
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