Ceres Power Holdings plc, a leading developer of clean energy technology, released a positive trading update for the year ended December 31, 2024. The company reported a record order intake of over £110 million, driven by new manufacturing and electrolyser system partners. Revenue is expected to be between £55-60 million, an increase of approximately 150% compared to 2023, with a gross margin between 78-80%. Ceres also completed a business restructuring and cost optimization program, reducing annual costs by 15%. The companys cash and short-term investments remain strong at approximately £102 million.
Commercially, Ceres made significant progress with its partners worldwide. In Taiwan, Delta is advancing towards manufacturing, targeting data centers and industrial hydrogen markets. In Japan, Denso completed an upfront technology transfer following its license agreement. In India, Thermax has started developing assembly facilities for SOEC commercialization. Doosans factory commissioning in South Korea is on track for commercial launch in H2 2025. Ongoing partnerships with Bosch, Weichai, and Shell also achieved key milestones in 2024.
Ceres CEO, Phil Caldwell, highlighted the companys exciting year, marked by accelerated commercial delivery and the establishment of Ceres technology globally. He also noted the anticipated launch of the first power system products through partner Doosan in late 2025, which will bring the first royalties to Ceres. With a strong cash position and commercial momentum, Ceres is well-positioned for future growth and decarbonization initiatives.
| Year | Order Intake | Revenue | Gross Margin | Cash & Short-Term Investments |
|---|---|---|---|---|
| 2024 | >£110 million | £55-60 million | 78-80% | £102 million |
| 2023 | N/A | £22.3 million | 61% | £140 million |