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Unlike alternative technologies, Ceres’ solid oxide units can be set up as either a hydrogen fuel cell (SOFC) to provide power or as an electrolyser (SOEC) producing hydrogen fuel to replenish a fuel cell, all while operating at lower temperatures to rival solid oxide units.

The Ceres operating model is simple yet attractive: develop technology and licence the rights to produce it commercially to large industrial companies in exchange for royalty payments. This makes for a scalable, capital light business. Ceres’ first SOFC royalty revenues are due in 2024 when Bosch and Doosan bring production capacity online; Weichai is on course to bring capacity online in 2025. The SOEC side of the business took a back seat role until recently, when Ceres signed testing agreements with Shell, Linde and Bosch. Agreements with large, blue chip companies indicate potential for Ceres’ SOEC to produce cost-effective green hydrogen. The big risks for Ceres are that other technologies evolve faster and better, or that hydrogen plays a minimal role in energy decarbonisation.

Managing your wealth

Managing your wealth

Understanding Finance

Helping clients understand what we do is key to building relationships. To explain some of the industry jargon that creeps into our world, we’ve pulled together a section of our site to help.

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