Ceres Power Hldgs Plc (CPWHF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everybody, and welcome to the ServicePower Interim Results for 2025. I'm Phil Caldwell, Chief Executive, and I'm joined by Stuart Painter, CFO, and Patrick Yao, Head of Investor Relations. So without further ado, let's go through the first half year. The first half of 2025 has been quite an exciting year for Ceres in a number of different ways. Probably biggest milestone for us is the start of production with Doosan in South Korea. That's a milestone that we've anticipated for a long time. And it really is a pivotal point for the company because it proves out R&D innovation all the way through to mass production and ultimately will lead to the payment of royalties and proves out the business model. So that's a big milestone for us achieved in this first half of the year. We're very pleased with progress with other partners as well. Delta Electronics has acquired lands and factory facilities now to begin their scale up in Taiwan committing around 170 million investment into those large-scale manufacturing facilities for hydrogen energy solutions. We've had some landmarks with Shell as well on electrolysis, the largest solid oxide deployment in India achieving record efficiencies. And our partnership with Thermax goes from strength to strength, also in India, opening the HydrogenX hub, which is going to actually test and validate systems and ultimately build systems in India as well. So a lot that we'll talk about this morning there. I think the markets are interesting as well. I'm sure you've seen the headlines, but the power markets are changing dramatically, probably in a way that we didn't anticipate 12 months ago. And it's really being catalyzed, if you like, by the near-term need for power, the time for power. driven by things like AI data centers. ...