Borne out of Imperial College in London, the SteelCell™ was the invention of lithium battery and fuel cell pioneer, Professor Brian Steele. Ceres Power has been perfecting this unique technology for sixteen years and has recently received the endorsement of several world-leading engineering companies whose aim it is to embed the SteelCell™ in the next generation of their products.

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Final Results

Highlights

· Revenue and other operating income up 71% to £7 million;
· Bosch and Weichai Power strategic partnerships with significant equity investments, development and licensing agreements;
· Major increase in order book from £3 million to £30 million at the date of these accounts;
· Strong cash position after new equity of £49.3 million from financial investors and Bosch and Weichai post financial year end;
· Progress with existing partners - field trials to start with confidential partner later this year and new programme signed with Nissan backed by £7 million of funding through the UK's Advanced Propulsion Centre;
· Increase in net electrical efficiency to 60% achieved in customer systems and first-of-a-kind 5kW stack design completed;
· £7 million investment in new manufacturing facility announced, creating 60 jobs in Redhill, Surrey (UK).


Phil Caldwell, CEO, commented:

"2018 is a landmark year for Ceres. We have seen a big step change in order book and strong revenue growth as demand accelerates for technologies that can enable a post-combustion future. In the last five months alone we have announced equity investments and new agreements with both Weichai in China and Bosch in Germany adding to our existing relationships in Japan and the US. We are proud our unique British SteelCell® technology is setting the standard for solid oxide fuel cell technology around the world. We are now working towards trials for three separate products that tackle air quality and climate change.

Our progress this year confirms we have the right strategy to enable our partners to access our technology and establish Ceres Power as a global leader in the fuel cell industry."

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