The Ceres Power Holdings plc (LON: CWR) share price was trading flat after releasing its interim financial results for the six months ended 30 June 2023. The company's revenues increased by 17% to £11.3 million from £9.7 million in H1 2022. The firm’s gross profit rose to £6.9 million compared to £4.7 million in H1 2022.
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The global leader in fuel cell, electrolysis and electrochemical technology revealed that it maintained an industry-leading gross operating margin of 61%, marking a significant improvement from the H1 2022 restated operating margin of 49%.
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The company increased its investment in the future by 19% to £30.6 million from the £25.7 million investment made in H1 2022. The increased investment is aligned with the company’s main objective of expanding into electrolysis for green hydrogen and delivering the next generation of fuel cell technology.
Ceres Power also highlighted some of its operational milestones, including Bosch’s ‘Power Units’ receiving European funding worth about €160 million after being classified as an Important Project of Common European Interest (IPCEI). The funds will support the development and mass production of its solid oxide fuel cells using Ceres’ stack technology.
The company noted that the construction of Doosan’s 50MW factory in South Korea is complete. All the machinery and processes have been factory tested to ensure they are acceptable, and their installation is almost complete. The commissioning is scheduled for completion in H2 2023.
Ceres Power’s second-generation design of fuel cell stacks has exceeded the Critical Design Review (a crucial milestone).
Phil Caldwell, Ceres Power’s CEO, said: “We are at an important stage of the Company's growth as we support our partners to scale manufacture for our existing fuel cell business and make rapid progress in the development of our game-changing electrolyser technology, which will enable new partnerships to address the huge market opportunity for green hydrogen. Our recent inclusion in the FTSE250 index and the recognition for engineering innovation of the MacRobert Award have been made possible by the progress of the Company and the hard work the team has put into maturing the Ceres technology over many years.”
The Ceres Power (CWR) share price.
The Ceres Power share price was trading flat for the day after an earlier dip on interim results.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.