Ceres Power Holdings reported £22.8 million in revenue for the first half of 2026, an increase of 8% year over year, supported by its manufacturing licensing agreement with Weichai and continued engineering activity across its existing partner network.
The UK-based clean energy technology company also completed an oversubscribed £102.6 million equity financing, substantially strengthening its balance sheet as it pursues commercial opportunities in fuel cells, on-site power generation, and hydrogen production.
For the six months ended June 30, 2026, revenue increased from £21.1 million during the corresponding period of 2025.
Gross profit declined slightly to £16.1 million from £16.6 million, while gross margin decreased to 71% from 79%, reflecting changes in the composition of revenue recognized during the period.
Operating costs before exceptional items declined 14% to £30.7 million, compared with £35.6 million a year earlier.
The company’s adjusted EBITDA loss narrowed to £6.8 million from £11.3 million, reflecting cost reductions and higher revenue.
Ceres ended June with £172 million in cash and short-term investments, compared with £83.3 million at the end of December 2025.
The increased cash position followed the completion of the company’s June equity financing, which generated approximately £99.1 million in net proceeds.
Ceres intends to use the additional capital to support manufacturing partners, pursue new licensing agreements, and make selective investments in technology and commercialization.
The company operates an asset-light licensing model, developing solid oxide fuel cell and electrolyzer technology that manufacturing partners can incorporate into commercial products.
Its partners include Doosan, Delta Electronics, DENSO, Shell, Weichai, Centrica, and Thermax.
The business is pursuing opportunities in electricity generation, particularly applications requiring reliable on-site power.
Ceres believes growing demand from AI data centers, commercial facilities, and energy-intensive industrial operations is creating opportunities for solid oxide fuel cells as businesses seek alternatives to lengthy electricity grid connection timelines.
During the first half, Ceres announced a strategic partnership with Centrica to accelerate the development and deployment of solid oxide power generation across the United Kingdom and Europe.
The companies intend to work together on project development, installation, commissioning, remote monitoring, predictive maintenance, and other services.
Centrica is also collaborating with Ceres manufacturing partner Delta Electronics on infrastructure intended to support grid-independent electricity generation for data centers and industrial customers.
Delta has approved an investment of approximately NT$10.3 billion (£240 million) in a new fuel cell manufacturing facility in Guanyin, Taiwan.
Initial shipments from the facility are expected to begin in 2028.
Another commercial development involved Doosan Fuel Cell, which secured a KRW 108.7 billion (£60 million) agreement with Germany’s Reverion to supply solid oxide fuel cell stacks for power facilities in Germany and other European markets.
The agreement represents Doosan’s first export contract for the technology after beginning production and sales of its solid oxide systems in 2025.
In China, manufacturing partner Weichai is targeting 200 megawatts of production capacity by the end of 2027.
Weichai subsidiary Baudouin has also announced a partnership with French clean-energy company EODev to develop and deploy 600-kilowatt solid-oxide fuel cell systems for continuous electricity generation.
Ceres has also introduced Ceres Endura, its flagship solid oxide technology platform designed for on-site power generation and hydrogen production.
The system is designed to operate initially on natural gas while supporting a transition to hydrogen, biogas, and other lower-carbon fuels.
Endura incorporates a common manufacturing architecture for power generation and hydrogen applications, allowing Ceres’ licensees to address multiple markets using the same underlying technology.
The company is also advancing its hydrogen technology business.
In Japan, DENSO received approximately ¥35 billion (£165 million) in government funding to begin testing the country’s first solid oxide electrolyzer demonstration system with JERA.
Ceres also reported that its 1-megawatt electrolyzer demonstration at Shell’s technology center in Bangalore, India, exceeded performance expectations for hydrogen production.
Separately, Thermax has begun construction of a pilot plant for pressurized solid oxide electrolyzer systems.
For the remainder of 2026, Ceres reiterated that its existing contracts support approximately £45 million in full-year revenue, before accounting for potential new business.
The company remains confident that it can sign one additional manufacturing licensee during 2026. Any revenue recognized from a new agreement during the current year would be incremental to its existing contracted revenue outlook.
Management continues implementing a business transformation program intended to reduce costs, focus resources on commercial opportunities, and support its partners as they expand manufacturing capacity.
KEY QUOTE:
“Demand for power continues to grow, while the time required to secure new generation and grid capacity is becoming an increasing challenge for customers. Against this backdrop, we are seeing encouraging signs of commercial momentum across our partner network, including the first examples of downstream demand for products using Ceres’ technology. This provides further validation of both the scale of the opportunity and the role solid oxide technology can play in addressing the time-to-power challenge. Combined with a stronger balance sheet following our successful capital raise and sharper commercial focus, this gives us confidence in our ability to capitalize on the significant opportunity ahead.”
Phil Caldwell, CEO Of Ceres Power
