Business
Interim Results for 6 months ended 30 June 2021
Interim Results for 6 months ended 30 June 2021.
About this update from Ceres Power Holdings Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 4611N\n Ceres Power Holdings plc\n 30 September 2021\n \n \n \n \n 30 September 2021\n \n \n Ceres Power Holdings plc\n \n \n Half-yearly results for the six months ended 30 June 2021\n \n \n COMMERCIAL partnerships deliver STRONG FIRST HALF GROWTH\n \n \n Ceres Power Holdings plc (\"Ceres Power\", \"Ceres\", the \"Company\" or the \"Group\") (AIM: CWR.L), a global leader in fuel cell and electrochemical technology, announces its half-yearly results for the six months ended 30 June 2021.\n \n \n \n \n \n \n \n \n \n Financial highlights\n \n \n · \n Revenue and other income up 96% to £17.4m (H1 2020: £8.9m), reflecting strong progress of commercial partnerships\n \n \n · \n Increased gross profit of £12.2m (H1 2020: £7.1m) at sector-leading gross margin of 72% (H1 2020: 79%)\n \n \n · \n Successfully raised net proceeds of £179m in March through an equity fundraising of 17.1 million new ordinary shares to support growth into electrolysis for green hydrogen and further SOFC applications. Weichai (20%) and Bosch (18%) fully supportive of the fundraising and strategy \n \n \n · \n Group had £263m of cash and investments at 30 June 2021 \n \n \n · \n Order book* of £42.0m and pipeline* of £43.8m as at 30 June 2021 \n \n \n \n \n \n Commercial highlights\n \n \n · \n New joint development programme for a 30kW stationary power system with Weichai, increasing the commercial scope of the agreement alongside transportation\n \n \n · \n Discussions progressing well with Weichai on the JV and wider strategic relationship. No further update at this time\n \n \n · \n First-of-a-kind solid oxide electrolyser (SOEC) 1MW-scale demonstrator to become operational in 2022. Strong commercial interest and discussions now in progress with several commercial partners\n \n \n · \n Bosch to invest €400m into its solid oxide fuel cell (SOFC) business between now and 2024. It plans to put up to 100 small-scale stationary fuel cell power plants into operation this year\n \n \n · \n AVL List strategic collaboration progressing well, with three early-stage projects and a strong pipeline \n \n \n · \n Doosan signed a memorandum of understanding with the shipbuilding division of Hyundai Heavy Industries, to develop a marine system based on Ceres' proprietary SOFC stack technology \n \n \n \n \n ...