Ceres Power

Last updated
Ceres Power Holdings plc
Company type Public
IndustryAlternative Energy
Founded2001
Headquarters Horsham, England, UK
Key people
Warren Finegold, Chair
Phil Caldwell, CEO
RevenueIncrease2.svg £51.9 million (2024) [1]
Increase2.svg £(31.3) million (2024) [1]
Increase2.svg £(28.3) million (2024) [1]
Website www.ceres.tech

Ceres Power Holdings plc is a UK developer of solid oxide electrolyzer cell [2] and solid oxide fuel cell technology [3] for use in distributed power systems aimed at decarbonising cities, factories, data centres and electric vehicle charging. [4] Founded in 2001, it is headquartered at Horsham in the UK. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. [5]

Contents

It is also classified by the LSE Green Economy Mark, [6] which recognises listed companies that derive more than 50% of their activity from the green economy. [7]

History

Ceres Power spun-out from Imperial College London, [8] after more than 10 years of fundamental research led by Professor Brian Steele, in 2001. [9] The company was first listed on the London Stock Exchange in November 2004. [10]

Phil Caldwell became the CEO of Ceres Power in September 2013, [11] following investment from IP Group. [12] In June 2023, Ceres marked its move from the Alternative Investment Market to the Main Market of the London Stock Exchange. [13]

The company issued an unexpected revenue warning in December 2023: contract negotiations were taking longer than expected. [14] [15] Further difficulties emerged in March 2025 when Bosch announced that it was withdrawing from a joint venture with the company. [16]

Technology

Ceres Steel Cell

The Ceres patented Steel Cell is a Solid oxide fuel cell (SOFC) that can operate on mains natural gas for distributed power generation. [17] The technology is reversible. In one direction it can generate electricity from multiple fuels; in the other, it can generate green hydrogen at low cost and high efficiencies. [18]

Hydrogen

The UK Hydrogen Strategy cites UK companies including ITM Power, Johnson Matthey and Ceres as being at the forefront of hydrogen technology development worldwide. [19] Ceres is a founding member of the Long Duration Energy Storage Council. [20]

Business Model

Ceres operates a licensing business model and partners with global industry partners to develop clean energy systems and products. Partners include Weichai, [21] Doosan, [22] and Shell. [23]

Awards

In July 2023, Ceres was awarded the 2023 MacRobert Award by the Royal Academy of Engineering. [24] In its award citation, the academy recognised Ceres for its "ground-breaking fuel cell technology that promises to make a major contribution to decarbonising the world at the scale and pace required to save the planet." [18] In 2021 Ceres was awarded the Queen’s Award for Enterprise 2021 in the category of International Trade. [25]

References

  1. 1 2 3 "Annual Results 2024". Ceres Power. Retrieved 21 March 2025.
  2. ↑ "Ceres MW-scale electrolyser delivers first hydrogen". The Engineer. 7 November 2023. Retrieved 8 January 2024.
  3. ↑ "Japan aims its home fuel cells at Europe". BBC. 12 March 2010. Retrieved 10 February 2023.
  4. ↑ "Stationary fuel cell Bosch plans to start full scale production in 2024". Bosch. 6 December 2020. Retrieved 10 February 2023.
  5. ↑ "Alpha Group International (UK): Constituent Deletion – Update Changes in FTSE UK Index Series". FTSE Russell. 27 October 2025. Retrieved 29 October 2025.
  6. ↑ "LSE lays down tougher rules for green bond reporting". Financial Times. 11 October 2019. Retrieved 10 February 2023.
  7. ↑ "Ceres Power awarded green economy mark by the London Stock Exchange". Fuel Cells Works. 13 October 2019. Retrieved 10 February 2023.
  8. ↑ Bance, P.; Brandon, N.P.; Girvan, B.; Holbeche, P.; o'Dea, S.; Steele, B.C.H. (14 May 2004). "Spinning-out a fuel cell company from a UK University—2 years of progress at Ceres Power" . Journal of Power Sources. 131 (1–2): 86–90. Bibcode:2004JPS...131...86B. doi:10.1016/j.jpowsour.2003.11.077 . Retrieved 10 February 2023.
  9. ↑ "Professor Brian Steele". The Times . 19 September 2003. Retrieved 10 February 2023.
  10. ↑ "Ceres Power arrives on AIM". Investegate. 25 November 2004. Retrieved 10 February 2023.
  11. ↑ "Ceres Power Holdings plc - Appointment of Philip Caldwell as CEO of Ceres Power". IP Group. 8 July 2013. Retrieved 10 February 2023.
  12. ↑ "Ceres Power Holdings PLC – Revised Business Strategy". RNS. 29 November 2012. Retrieved 10 February 2023.
  13. ↑ "Market debut is a red-letter day for Ceres Power". Imperial College, London. 3 July 2023. Retrieved 23 September 2025.
  14. ↑ "Ceres Power share price dives after sneaking out revenue warning". City AM. 1 December 2023. Retrieved 23 September 2025.
  15. ↑ "Ceres Power warns on revenues, shares tank". Sharecast. 1 December 2023. Retrieved 23 September 2025.
  16. ↑ "Ceres Power says Bosch exit won't dent prospects". Investors Chronicle. 21 March 2025. Retrieved 23 September 2025.
  17. ↑ "Ceres: Fuelling doubts or full steam ahead?". Investors' Chronicle. 12 April 2022. Retrieved 23 August 2023.
  18. 1 2 "Clean energy technology set to decarbonise the world wins UK's top award for engineering innovation - Ceres Power's pioneering clean energy technology has won the 2023 MacRobert Award". Royal Academy of Engineering. 13 July 2023. Retrieved 14 July 2023.
  19. ↑ "UK Hydrogen Strategy" (PDF). HM Government. August 2021. Retrieved 10 February 2023.
  20. ↑ "Energy industry leaders sign agreement to create long duration energy storage council". Long Duration Energy Storage Council. 10 November 2021. Retrieved 10 February 2023.
  21. ↑ "Weichai Power joins hands with Ceres". Weichai Power. 14 August 2018. Retrieved 10 February 2023.
  22. ↑ "Doosan and Ceres Power sign South Korea fuel cell deal". Weichai Power. 20 October 2020. Retrieved 10 February 2023.
  23. ↑ "Shell megascale green hydrogen deal". Gasworld. 28 June 2022. Retrieved 10 February 2023.
  24. ↑ "Ceres Power awarded 2023 MacRobert Award". The Engineer. 14 July 2023. Retrieved 14 July 2023.
  25. ↑ "Ceres Power Holdings PLC Winners of 2021 International Trade". Queens Award Magazine. Retrieved 10 February 2023.
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