Ceres Power
- Company typePublic
- Founded2000
- HeadquartersHorsham, United Kingdom
- Headcount251–500
- GTM typeB2B
- OfferingHardware or Manufacturing
What Ceres Power does
Ceres Power Holdings plc is a UK-based developer and licensor of solid oxide fuel cell (SOFC) and solid oxide electrolyser cell (SOEC) technology, founded in 2000 and listed on the London Stock Exchange (LSE:CWR). Its core innovation is a proprietary steel-supported solid oxide cell operating at lower temperatures (450-630°C) than conventional SOFC designs, enabling approximately one-third lower fuel cell system costs at scale while achieving over 65% electrical efficiency on natural gas and over 90% total efficiency in combined heat and power. The technology is reversible, allowing the same platform to serve both power generation and green hydrogen production, and is unified under the flagship Ceres Endura stack platform launched in April 2026.
Ceres monetises exclusively through a licensing and partnership model rather than direct product sales. Revenue is generated from manufacturing licence fees, royalties, and R&D services provided to global manufacturing partners who produce and sell products under their own brands. Core partners include Doosan (Korea, first to mass production in 2025), Delta Electronics (Taiwan, first dual SOFC/SOEC licensee), Weichai Power (China, exclusive manufacturing rights), Denso (Japan, SOEC stacks), Thermax (India, SOEC systems), Shell, and Centrica (UK/Europe GTM). The product portfolio spans from fundamental components (Cell, Stack) through intermediate modules (Stack array module, Power module, Electrolyser module) to complete Power systems, supplemented by gigawatt-scale Factory manufacturing solutions.
FY 2025 revenue guidance is approximately £32 million, with H1 2025 revenue of £21.1M down 26% YoY due to the non-recurrence of a one-off Delta partnership payment; gross margins remained at 79%. Target end-markets are AI-driven data centres (primary focus, addressing grid connection delays), commercial power with cogeneration, heavy industrial decarbonisation (steel, ammonia, refineries, eFuels), maritime, and green hydrogen production, with the technology designed for fuel flexibility between natural gas and hydrogen to support transition pathways. The company holds 501-1000 employees, an IP portfolio of more than 150 patent families, £78.7 million cash (pre-June 2026 raise), and a market capitalisation of approximately £1.28 billion as of June 2026.
Ceres Power firmographics
Firmographics- Name
- Ceres Power
- Legal name
- Ceres Power Holdings plc
- Website
- https://cerespower.com
- Company type
- Public
- Founded year
- 2000
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Ownership category
- akta.pro rank
Where Ceres Power is headquartered
LocationHeadquarters
- HQ city
- Horsham
- HQ country
- United Kingdom
- HQ region
- Europe
Offices1 record
Markets served
Ceres Power business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Technology or R&D, Personnel, Infrastructure, Operations
Revenue model
- Technology Licensing: Ceres Power licenses its solid oxide technology (SOFC and SOEC) to global manufacturing partners who pay licensing fees and royalties. Partners include Doosan (SOFC manufacturing and system licence), Delta Electronics (first dual licence partner for SOFC and SOEC stack manufacturing), Weichai Power (SOFC manufacturing licence), Denso (SOEC stacks manufacturing licence), and Thermax (SOEC systems). Revenue recognition was impacted in 2025 by late signing of key manufacturing licence agreements.
- R&D Services and Technology Development: The company generates revenue from R&D collaboration services and technology development partnerships, though this has been transitioning as the company shifts from R&D-led to commercially focused. H1 2025 revenue was £21.1 million, down 26% due to non-recurrence of one-off licence revenue from the Delta partnership.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Licensing agreements with global manufacturing partners |
Go-to-market motion2 records
Distribution channels2 records
Marketing channels5 records
Ceres Power product offering
Product offeringCore offering
Ceres Power develops proprietary solid oxide fuel cell (SOFC) and solid oxide electrolyser (SOEC) technology using steel-supported cells operating at 450-630°C. The company licenses this technology platform to global manufacturing partners such as Doosan, Delta Electronics, Weichai Power, Denso, Thermax, Shell, and Centrica, who produce power generation systems and hydrogen production systems under their own brands for data centres, industrial, commercial, and marine end markets.
Product overview
Ceres Power operates as a technology licensing company offering a modular platform of solid oxide fuel cell (SOFC) and solid oxide electrolyser (SOEC) products. The product portfolio spans from fundamental components (Cell, Stack) through intermediate modules (Stack array module, Power module, Electrolyser module) to complete systems (Power system), complemented by Factory manufacturing solutions. The flagship Ceres® Endura™ platform, launched April 2026, serves as the unified technology foundation enabling partners to access both power generation and green hydrogen production markets through a shared manufacturing model supporting gigawatt-scale production.
Differentiator
Problem solved
Functional benefit
Products and services
- Ceres® Endura™ Flagship solid oxide stack platform enabling resilient, efficient on-site power generation for data centres and energy-intensive applications, also serving as the foundation for green hydrogen production through reversible operation.
- Cell Steel-supported solid oxide fuel cell operating at 450-630°C, forming the fundamental building block of Ceres' technology platform.
- Stack Assembled collection of fuel cells that combine to increase power output capacity for various applications.
- Power Module Integrated power module combining stacks and balance of plant for on-site power generation applications.
- Power System Complete solid oxide fuel cell power generation system for commercial and industrial deployment.
- Stack Array Module Modular array configuration of stacks enabling scalable power output for various installation sizes.
- Electrolyser Module Solid oxide electrolyser cell (SOEC) module for green hydrogen production with approximately 30% higher efficiency than conventional low-temperature electrolysis.
- Factory Gigawatt-scale manufacturing facility solution enabling partners to produce solid oxide fuel cell and electrolyser products.
Quantifiable outcome
- Over 65% electrical efficiency with natural gas
- +5 more outcomes
Companies that use Ceres Power
Customer profileNamed customers3 records
Segments4 records
Ideal customer profiles3 records
Ceres Power technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Ceres Power partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core and strategic.
- CentricacorePartnership announced March 2026 to deploy grid-independent fuel cell technology quickly to meet rising electricity demand in the UK and Europe. Collaboration aims to support sectors like data centres and manufacturing with faster and more efficient power solutions, including potential green hydrogen production with nuclear integration.
- Delta ElectronicscoreTaiwan-based global provider of power and thermal management solutions became Ceres' first dual licence partner in 2024 for both SOFC and SOEC stack manufacturing. In April 2026, Delta partnered with Centrica to deliver scalable, on-site power solutions for data centres and energy-intensive industries in the UK and Europe.
- Denso CorporationstrategicGlobal manufacturer of automotive components with ambitions to establish a hydrogen supply chain. In 2024, Denso took a manufacturing licence for SOEC stacks and partnered with JERA to announce demonstration of SOEC hydrogen production.
- ThermaxstrategicIndia-based company that designs, builds and commissions systems, products and services for resource productivity and cleaner environment. Thermax is adding SOEC systems based on Ceres' technology to their product portfolio, with a partnership story focused on green hydrogen production with large-scale SOEC manufacturing in India.
- Shell plcstrategicCollaboration began in 2022, resulting in the launch of an SOEC demonstrator in India. Shell believes hydrogen has a significant role to play in a low-carbon energy system and is working with Ceres on electrolyser technology development.
- Doosan Fuel CellscoreLong-standing partnership with South Korean fuel cell developer Doosan began in 2019. Doosan develops high-efficiency fuel cells for power generation with proven stability, fuel flexibility and robustness. The partnership includes an SOFC manufacturing and system licence, with Doosan becoming the first partner to enter mass production using Ceres' solid oxide fuel cell technology.
- Weichai Power Co LtdcoreStrategic partnership formed in 2018 with manufacturing licence agreement signed in 2025. Weichai Power is a major Chinese company covering powertrain systems, commercial vehicles, agricultural equipment, and smart logistics. Holds exclusive manufacturing rights for Ceres' technology in China for SOFC power applications, with potential expansion to US markets.
Scale indicators6 records
Recent moves6 records
Expansion highlights7 records
Ceres Power competitors and assessment
Company assessmentDirect peers
- Bloom Energy: Bloom Energy is the leading US-based stationary SOFC power system provider, directly competing with Ceres Power in data centre, commercial, and industrial power markets with its Energy Server platform. Both companies target behind-the-meter power for AI data centres and decarbonisation of heavy industry.
- Doosan Fuel Cell: South Korean SOFC manufacturer and a Ceres licensee that became the first partner to enter mass production using Ceres technology in 2025. Doosan also competes as an SOFC systems provider in its own right, making it both a partner and a direct peer in Korean and Asian stationary fuel cell markets.
- FuelCell Energy: US-based stationary fuel cell power company developing carbonate fuel cell and SOFC solutions for utility, industrial, and data centre applications. Competes with Ceres in distributed stationary power generation and is targeting the same behind-the-meter data centre opportunity.
- ITM Power: UK-based PEM electrolyser manufacturer focused on green hydrogen production for industrial, transportation, and power-to-gas applications. Direct competitor to Ceres' SOEC offering in the UK and European green hydrogen market, with overlapping industrial customer targets.
Emerging players
- Ballard Power Systems: Canadian PEM fuel cell company focused on heavy-duty mobility (trucks, buses, trains, marine) and stationary power. While Ballard's primary focus is mobility PEM rather than stationary SOFC, it overlaps with Ceres in stationary power and hydrogen ecosystem investment.
- Plug Power: US-based hydrogen and PEM fuel cell systems company building out green hydrogen production, fuel cell material handling, and stationary power. Adjacent competitor in the hydrogen economy where Ceres' SOEC platform also plays, and a competitor in stationary backup power.
- Nel ASA: Norwegian electrolyser manufacturer producing PEM and alkaline hydrogen production systems. Competes with Ceres' SOEC electrolyser offering in the green hydrogen production market, particularly for industrial-scale hydrogen projects in Europe.
- Advent Technologies Holdings: US/Greek-based developer of high-temperature PEM and SOFC fuel cell membrane electrode assemblies, targeting stationary power and heavy-duty mobility. Overlaps with Ceres in SOFC technology for data centre and industrial applications, though at an earlier commercialisation stage.
Broad incumbents
- Cummins: US-based global power and engine manufacturer with a fuel cell and hydrogen business through its Accelera segment. Offers broader power generation portfolio including diesel generators, while competing with Ceres in fuel cell powertrains and hydrogen production.
- Siemens Energy: Global energy technology incumbent offering gas turbines, grid infrastructure, and hydrogen electrolysis (Silyzer PEM electrolyser). Competes broadly with Ceres in distributed power generation and green hydrogen, with established utility and industrial customer relationships.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Ceres Power social profiles
Digital presenceCeres Power financial estimates
Financial estimateRevenue estimate
Valuation estimate
Ceres Power leadership team
Management profileNumber of profiles
Profiles5 records
Ceres Power funding detail
Funding detailFunding overview
Funding rounds7 records
Investors5 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Ceres Power M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Ceres Power
What does Ceres Power do?
Ceres Power develops proprietary solid oxide fuel cell (SOFC) and solid oxide electrolyser (SOEC) technology using steel-supported cells operating at 450-630°C. The company licenses this technology platform to global manufacturing partners such as Doosan, Delta Electronics, Weichai Power, Denso, Thermax, Shell, and Centrica, who produce power generation systems and hydrogen production systems under their own brands for data centres, industrial, commercial, and marine end markets.
Is Ceres Power a public or private company?
Ceres Power is a public company. It is classified as public and is currently operating.
When was Ceres Power founded?
Ceres Power was founded in 2000. It employs 251 to 500 people.
Where is Ceres Power based?
Ceres Power is headquartered in Horsham, United Kingdom, in the Europe region.
How does Ceres Power make money?
Two revenue lines are on record. Technology Licensing is the primary driver. The others are R&D Services and Technology Development.
Who are Ceres Power's main competitors?
Direct peers on record are Bloom Energy, Doosan Fuel Cell, FuelCell Energy and ITM Power. Emerging players are Ballard Power Systems, Plug Power, Nel ASA and Advent Technologies Holdings. Broad incumbents are Cummins and Siemens Energy.
Does Ceres Power have an API?
No public API is recorded for Ceres Power.