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| Period | Partner | Status | Printed economics |
|---|---|---|---|
| 2023. China JV | Weichai / Bosch / Ceres | Three-way China JV not concluded. FY2023 results said it was unlikely in that form and removed it from cash projections. | No JV equity or capacity pounds printed. |
| 2024-01. Delta manufacturing licence | Delta Electronics (Taiwan) | SOFC and SOEC manufacturing licence signed January 2024. Up-front technology transfer completed in 2024. | Licence fee not printed as a standalone pound figure. |
| 2024-08. DENSO manufacturing licence | DENSO (Japan) | SOEC manufacturing licence signed (RNS 6 Aug 2024). Technology transfer completed during 2025. | Licence fee not printed as a standalone pound figure. |
| 2024-09. Thermax systems licence | Thermax (India) | Electrolyser systems licence (RNS 12 Sep 2024). HydroGenX Hub in Pune. SOEC pilot plant groundbreaking cited in FY2025. | Licence fee not printed as a standalone pound figure. |
| 2025-02-20. Bosch exit | Bosch | Discontinued stationary SOFC industrialisation. Partnership to end in an orderly way. 17.44 percent stake to be divested. Uwe Glock left the board the same day. | FY2024 results: 2025 revenue impact in the low single-digit millions of euros. Annual Report 2025: 17.4 percent holding disposal completed October 2025. |
| 2025-07. Doosan manufacturing licence in production | Doosan Fuel Cell (South Korea) | First manufacturing partner at commercial production. First Ceres royalties in 2025. | Group royalties 110 thousand pounds in 2025. Per-kW royalty rate not printed. |
| 2025-11-05. Weichai manufacturing licence | Weichai Power (China) | New SOFC cell and stack manufacturing licence. Supersedes prior Weichai agreements. Ceres said this took the manufacturing-partner portfolio to four. | Fees, milestones, and royalties described as consistent with prior MLAs. No pound fee printed. Revenue recognition guided to FY2026. |
| 2026-03-26. Centrica systems partnership | Centrica | Strategic partnership to deploy multi-GW on-site SOFC power in the UK and Europe. Not described as a manufacturing licence. | No contract pound figure printed in the RNS. |
| 2026-04-30. Delta and Centrica | Delta Electronics / Centrica | Ceres noted an infrastructure partnership between licensee Delta and Centrica for SOFC off-grid generation in the UK and Europe. | No Ceres contract pound figure printed. |
| Period | Site or partner | Printed capacity | Status |
|---|---|---|---|
| 2020-12. Bosch plan | Bosch (Bamberg, Wernau, Homburg) | About 200 MW a year planned for SOFC systems | Terminated 20 Feb 2025 before commercial start of production. |
| Ongoing. Ceres UK sites | Horsham TIC and Redhill MIC | Not printed as commercial MW. Innovation, test, and pilot hardware for partners. | Annual Report 2025 names both sites under ISO 9001 and ISO 14001. |
| 2025-07. Doosan factory | Doosan Fuel Cell, Jeollabuk-do, South Korea | 50 MW of electrical power a year (combined generational capacity) | Mass-market stack and system production started July 2025. World's first commercial-scale Ceres SOFC factory. |
| 2025-07. Delta factory land | Delta Electronics, Taoyuan City, Taiwan | MW rating not printed. Land and factory facilities about 112,000 square metres for about NT$6.95 billion (about 170 million pounds). | Pilot production based on Ceres technology expected by the end of 2026. |
| 2025-11. Weichai factory plan | Weichai Power, China | MW rating not printed. Intends to establish a cell and stack factory for stationary power, with key components supplied by Ceres. | Manufacturing licence signed 5 Nov 2025. Licence revenue guided to H1 2026. |
| 2025. DENSO SOEC path | DENSO, Japan | Factory MW not printed. Global SOEC manufacturing licence. | Technology transfer completed in 2025. First Japan SOEC hydrogen demo at a JERA station (with NEDO support). |
| Period | Milestone | What was printed |
|---|---|---|
| 2024-FY. Order intake | Group order intake | 112.8 million pounds, after Delta, DENSO, and Thermax licence wins. 2025 annual order intake was not printed as a headline. |
| 2024-12. Weichai demos | Weichai SOFC systems | First demonstration SOFC systems of up to 100 kW to first customers in China. |
| 2025-05. Shell SOEC demo | 1 MW electrolyser, Bangalore | First megawatt-scale hydrogen from Ceres SOEC at Shell's Technology Centre. 37 kWh/kg, about 600 kg of hydrogen a day. |
| 2025-07. Doosan start of production | Doosan 50 MW factory | Mass-market manufacture of Ceres-designed stacks began. First royalties followed commercial sales later in 2025. |
| 2025-09. DENSO and JERA | Japan first SOEC hydrogen demo | DENSO and JERA testing at a JERA thermal station. Project valued at 46 billion yen (about 220 million pounds), NEDO subsidy up to 35 billion yen (about 165 million pounds), run through 2032. |
| 2025-FY. First royalties | Doosan stack sales | Royalties 110 thousand pounds. Per-kW rate not printed. Hardware (partner factory kits) 10.289 million pounds. |
| 2026-03-26. Contracted 2026 revenue | Group outlook | Current contracted group revenue for 2026 about 45 million pounds before any new business. Weichai MLA revenue to be recognised in H1 2026. |
| 2026-04-15. Ceres Endura | Dual-purpose stack platform | Capital markets event for the Endura stack that can run as SOFC or SOEC on one architecture. Stack kit units and megawatt rating are not printed. |
| 2026-06-10. Capital raise | Equity placing | 18 million new shares at 570.0 pence. Gross proceeds about 103 million pounds, net about 100 million pounds. Admission 12 Jun 2026. |
| 2026-08-06. Doosan-Reverion | Partner stack supply contract | Doosan to supply Ceres-licensed SOFC stacks to Reverion, about 108.7 billion KRW (about 60 million pounds), Germany and Europe. Doosan's first SOFC export. This is not a Ceres revenue print. Royalty pounds from the contract are not disclosed. |