Ceres Power has reported a widening pre-tax loss of £48.9m in 2022, compared with £23.3m in 2021.
In a market statement, Ceres said there will be continued investment in SOFC this year to support future expansion and so the level of losses of this part of the business will continue to be “highly influenced by the level of SOFC licence fee revenue … until royalty revenue streams become material”.
As reported in November 2022, the signing of the China JV contracts has been delayed to 2023 impacting the timing of the associated licence fee revenue.
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