Business
Trading and JV Update
Trading and JV Update.
About this update from Ceres Power Holdings Plc
[{"type":"text","content":"\n \n \n 28 July 2022\n \n \n \n \n \n \n Ceres Power Holdings plc\n \n \n \n \n \n \n \n \n \n Trading and JV Update\n \n \n \n \n \n \n \n \n \n Finalisation of the China JV progressing with revenues weighted to the second half\n \n \n \n \n \n \n \n Horsham, UK:\n \n Ceres Power Holdings plc (\"Ceres\", the \"Company\") (AIM: CWR.L), a global leader in fuel cell and electrochemical technology, provides a post period end trading update ahead of the announcement of its interim results for the six months ended 30 June 2022, which will be released on Thursday 22 September 2022. \n \n \n \n \n \n \n Financial\n \n \n \n \n \n \n \n \n ·\n Revenue and other operating income for the six months to 30 June 2022 is expected to be approximately £10 million (H1 2021: £17.4m), with the timing of completion of the China JV contracts with Bosch and Weichai and associated licence fees expected to fall in the second half of 2022\n \n \n ·\n Cash and short-term investments were approximately £221 million as at 30 June 2022\n \n \n \n \n \n \n Operational\n \n \n \n \n \n \n \n \n ·\n As announced on 28 June, Shell and Ceres are building a partnership to utilise solid oxide electrolyser cell (SOEC) technology to deliver high-efficiency, low-cost green hydrogen. This significant step endorses the strategy and potential of SOEC\n \n \n ·\n Two studies concluded as part of the UK Clean Maritime Demonstration Competition, show Ceres' SOFC technology offers a highly differentiated and fuel flexible solution which can reduce carbon emissions by up to 47% on conventional maritime fuels\n \n \n ·\n Long-term agreement signed with \n HORIBA MIRA, Europe's leading engineering and testing consultancy, to increase test capacity and accelerate delivery of new fuel cell and hydrogen technology to international markets\n \n \n \n \n \n \n \n \n Current trading and outlook\n \n \n \n \n \n \n \n \n As noted in our FY 2021 results announced in March, the phasing of sales in 2022 is highly dependent on the timing of the completion of the China JV contracts. All three parties are making good progress towards definitive agreements. Subject to signing and receipt of the necessary regulatory clearances we expect completion this year and anticipate a high proportion of l...