Ceres Power Holdings plc · LSE:CWR
Ceres Power — H1 2011 Earnings Presentation
19 slides from Ceres Power's earnings presentation, Mar 30, 2011
Slide 1: Interim results for the 6 months ended 31 December 2010
Alternative energy products for global markets Interim results for the 6 months ended 31 December 2010 30th March 2011
Slide 2: Disclaimer
Disclaimer This presentation is directed at institutional investors in Ceres Power Holdings plc (the “Company”). The presentation does not constitute a recommendation regarding the shares or other securities of the Company or any of its subsidiaries nor a representation that any dealing in those sha
Slide 3: Introduction
Introduction Brian Count Chairman, Ceres Power © Ceres Power 2011 3
Slide 4: Business Update
Business Update Peter Bance Chief Executive Officer, Ceres Power © Ceres Power 2011 4
Slide 5: Business Overview
Business Overview • Key achievements: - CHP product demonstrated - CE mark safety approval received - CHP field trial products installed and operated in occupied family homes • CHP market opportunity: - Regulatory environment increasingly valuing low carbon technologies - Working with British Gas to
Slide 6: Operational Update
Operational Update • Start of field trials in 5 family homes following receipt of CE mark - Field trial products deliver central heating, hot water and power in homes - System reliability and product durability issues identified and being addressed ahead of the next wave of field trials and initial
Slide 7: CHP Product Demonstration
CHP Product Demonstration Actual data captured from live CHP Product demonstration held at Ceres Power’s Horsham manufacturing facility on 29-9-2010 Net AC CHP Power Output (Watts) 1000 Kettle Grid Export 800 • Natural gas fed • Grid connected 600 Lights x2 400 TV 200 0 0 5 10 15 20 25 30 Time (minu
Slide 8: CE Marking – Safety Approval
CE Marking – Safety Approval • CE safety approval received from Kiwa in Dec 2010 with certificate itself formally issued 6th Jan 2011 • Batch approval for initial wave of field trial CHP products • Key regulatory enabler for deployment into occupied consumer’s homes • Ceres Power conducted own compr
Slide 9: CHP Field Trials in Family Homes
CHP Field Trials in Family Homes 5 CHP units installed in a range of family homes in South East England • Fully integrated, wall-mounted, CE marked CHP products • CHP products replaced homes’ existing boilers in the same location • CHP products operating automatically, responding real- time to the h
Slide 10: Wave 1 Field Trial Sites & Installations
Wave 1 Field Trial Sites & Installations © Ceres Power 2011 10
Slide 11: Collaboration with British Gas
Collaboration with British Gas • Field trials support - British Gas service engineer seconded to work with Ceres Power on field trial sites - CHP product design refinement using input from installation & service engineers - CHP installer demo units at each of British Gas’ engineering training academ
Slide 12: Technology Update
Technology Update Phil Whalen Technology Director, Ceres Power © Ceres Power 2011 12
Slide 13: Technology Performance Review
Technology Performance Review • Improved FCM heat-to-power ratio achieved - FCM heat-to-power ratio of 1.1:1 (improved from 1.27:1) - Reduced electronic leakage at cell level by optimising fuel cell manufacturing process conditions - Better FCM thermal management and systems integration, expected to
Slide 14: Field Trial Learnings to Date
Field Trial Learnings to Date • CHP products to continue operating in the field with FCMs to be be removed and analysed at different stages throughout the trial - Good CHP product availability demonstrated in early units, for example, one unit demonstrated in its first month: • ~94% FCM up-time: dow
Slide 15: Key Areas of Focus in Beta Phase
Key Areas of Focus in Beta Phase Challenge Risk reduction actions System Reliability Improved water management efficiency - Unplanned shutdowns Optimised CHP boiler control Mapping of stable product operating space Product Durability Cell interconnect design and coatings - Performance stabil
Slide 16: Financial Results
Financial Results Rex Vevers Finance Director, Ceres Power © Ceres Power 2011 16
Slide 17: Financial Highlights - Summary
Financial Highlights - Summary £m H1 ’11 H1 ’10 ∆ ’10 Revenue from customers 0.4 0.3 0.1 Other operating income 0.1 0.1 - Operating costs (7.9) (6.4) (1.5) Loss for the financial year (5.9) (5.9) - Capex (net of grants) 0.9 1.0 (0.1) Equity-free cash outflow1 (6.7) (7.0) 0.3 Net cash & financial ass
Slide 18: Summary
Summary • CHP field trials underway in a range of occupied family homes following successful CE certification • Working together with our key channel partner British Gas on the installation, service and maintenance of CHP units in the field • Regulatory environment increasingly valuing low carbon te
Slide 19: Registered Office and Technology Centre
Registered Office and Technology Centre Headquarters Ceres Power Limited Ceres Power Limited Unit 18, Denvale Trade Park Viking House Haslett Avenue East Foundry Lane Crawley Horsham RH10 1SS RH13 5PX United Kingdom United Kingdom Phone: +44 (0) 1293 400 404 Phone: +44 (0) 1403 273 463 Fax: +44 (0)