Proactive Investors - Ceres Power Holdings PLC (LON:CWR) ended 2022 on a solid financial footing with cash and short-term investments of £182.3mln.
The clean energy company said its first 100kW solid oxide electrolyser (SOEC) module is on test ahead of scaling into a 1MW demonstrator.
Initial results are “positive”, the firm said in a statement accompanying its results, adding that the results provide confidence that the technology can deliver green hydrogen at less than 40kWh/kg.
That figure is around 25% more efficient than incumbent lower temperature technologies, Ceres told investors.
Research and development spending grew by 67% to £58.4mln, part of Ceres’ strategy to expand into electrolysis for green hydrogen.
The group said its fuel cell and electrolysis test facility, developed with Horiba Mira at its site in the UK, is now open and supporting technology and system development.
As well, Ceres said its SOEC technology evaluation programme in conjunction with Shell (LON:RDSa) is “progressing well” and should be ready for deployment later this year in India.
During the 2022 financial year, Ceres delivered revenue of £22.1mln versus £30.8mln in the comparable year-ago period, which was in line with previous guidance.
Margins were stable at 59% versus 62% in the 2021 financial year.
Phil Caldwell, chief executive at Ceres, said in a statement: "It has been another productive year at Ceres with our first electrolyser modules on test, an exciting new partnership with Shell, and a collaboration with Linde Engineering and Bosch for green hydrogen. We are making good progress on power systems with existing partners Bosch and Doosan to scale production.”
He added: "Investment in our business has ensured we are well-positioned to deliver on our strategy; to support our partners to install manufacturing capacity at the scale and pace needed to decarbonise our energy systems and enable a net zero future."