BIZ: Strategy/Performance/Ownership TECH: Electric Drive-HFC: Strategic partnerships continue to deliver commercial growth for UK fuel cell tech company Ceres Power

摘要

UK - Fuel cell developer and electrochemical technology company, Ceres Power Holdings plc of London, UK, reported strong half year results to December 31, 2019 with revenues and other income up 33.6% to GBP11m (H1 2018: GBP8.3m), reflecting strong progress on major contracts with South Korea's Doosan, Germany's Bosch, China's Weichai and Japan's Miura Co. It announced strong gross margin of 67% (consistent with the assetlight licencing business) and continued with further business investments while marginally reducing operating losses to GBP2.8m (H1 2018: GBP3.0m). Key developments during the six month period, involving the CV sector, included further equity injections of GBP49m from equity partners, Weichai1 and Bosch2. Bosch has increased its stake in Ceres to 18%, generating gross proceeds of ￡38m and Weichai is to invest a further GBP11m in Ceres to maintain its equity stake at 20%.