Ceres Power

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.

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

Headquarters

HQ city

Horsham

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Infrastructure, Operations

Revenue model

1. 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.
2. 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

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core 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

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core and strategic.

• CentricacoreGTM or Marketing Partner · 26 March 2026Partnership 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 ElectronicscoreOEM/ Whitelabel/ Licensing Partner · 1 January 2024Taiwan-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 CorporationstrategicOEM/ Whitelabel/ Licensing Partner · 1 January 2024Global 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.
• ThermaxstrategicOEM/ Whitelabel/ Licensing Partner · 1 January 2024India-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 plcstrategicStrategic or Co-development Partner · 1 January 2022Collaboration 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 CellscoreOEM/ Whitelabel/ Licensing Partner · 1 January 2019Long-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 LtdcoreOEM/ Whitelabel/ Licensing Partner · 1 January 2018Strategic 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

Direct 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

• LinkedInlinkedin.com/company/ceres-power
• Xx.com/cerespower
• Facebookfacebook.com/cerespower

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds7 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ceres Power