Our investment case is built on three pillars, which combine to create long-term value for shareholders: leading solid oxide platform technology; strong commercial value proposition; and robust financial discipline.
Our best-in-class technology enables us to execute a licensing model. Using our intellectual property (“IP”) and trade secrets, we accelerate our partners’ entry into global decarbonisation opportunities. As we build a portfolio of manufacturing partnerships, our asset-light business model underpins our strong financial position.
Leading solid oxide platform technology
Over the last two decades, Ceres has established best-in-class lower-temperature solid oxide technology for both power generation and green hydrogen production at leading rates of efficiency. Developed by one of the strongest teams of scientists and engineers in solid oxide globally, in power mode our solid oxide fuel cells (“SOFC”) can produce electricity at efficiencies above 90% when heat is also captured for use.
This makes them a valuable alternative for the data centre, commercial and distributed power sectors. In electrolysis mode, our solid oxide electrolyser cell (“SOEC”) modules produce hydrogen at 37kWh/kg, the most efficient rate currently available, providing the market with one of the few viable ways to decarbonise hard-to-abate industrial sectors.
Strong commercial value proposition
Ceres has sharpened its commercial focus, achieving a record number of partnership agreements in the last financial year. Our IP, manufacturing knowledge and trade secrets are fully protected, allowing us to pursue an asset-light licensing model. We have become the technology of choice for global manufacturing partners because they gain rapid access to next-generation decarbonisation technology and the expertise to establish their manufacturing infrastructure.
This in turn creates new commercial opportunities for them in the evolving power and hydrogen markets and allows them to move at pace. With continued commercial success and technology innovation, Ceres aims to expand its partnerships globally to deploy its technology at scale and pace.
Robust financial discipline
Our technology development and commercial activities are underpinned by continued prudent financial management of the business. We have passed peak cash investment in the business and have optimised our cost base. Executing an asset-light business model, we end the year with a strong balance sheet, underpinned by a healthy position of cash and cash equivalents. With initial royalty revenues from our SOFC manufacturing partner Doosan anticipated towards the end of 2025, we remain well financed as we progress along the path to profitability.
