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Edison Investment Research

Leading International Investment Research

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Equity Bottom-Up

<p>Ceres Power has announced a sequence of customer wins during H117, one of which was its first &ldquo;go-to-market&rdquo; agreement. This brings the total number of commercial agreements signed in calendar 2016 to four: Cummins, Honda, Nissan and an undisclosed global OEM. These wins have helped generate &pound;1.5m of revenue and other operating income, three times the H116 total. This growth, together with an order book totalling &pound;4.8m at end H117, supports our estimates, which we leave unchanged.</p>

Ceres Power has announced a sequence of customer wins during H117, one of which was its first &ldquo;go-to-market&rdquo; agreement. This brings the total number of commercial agreements signed in calendar 2016 to four: Cummins, Honda, Nissan and an undisclosed global OEM. These wins have helped generate &pound;1.5m of revenue and other operating income, three times the H116 total. This growth, together with an order book totalling &pound;4.8m at end H117, supports our estimates, which we leave unchanged.

Significant commercial progress during H117

<p>Ceres Power has signed a Joint Development Licence Agreement with a leading global OEM for a multi-kW combined heat and power (CHP) product based on its Steel Cell technology. This is significant as it is the first deal where, subject to successful field trials, the partner has a planned intent to launch. It is also the first partnership targeting the commercial CHP market. The announcement underpins our estimates, which we leave unchanged.</p>

Ceres Power has signed a Joint Development Licence Agreement with a leading global OEM for a multi-kW combined heat and power (CHP) product based on its Steel Cell technology. This is significant as it is the first deal where, subject to successful field trials, the partner has a planned intent to launch. It is also the first partnership targeting the commercial CHP market. The announcement underpins our estimates, which we leave unchanged.

OEM deal to enter multi&#45;kW CHP market

United Kingdom

ITM Power Plc designs, manufactures, and sells hydrogen energy systems for energy storage and clean fuel production in the United Kingdom. It offers HGas for power-to-gas applications; HFuel, a self-contained module for refueling hydrogen-powered road vehicles and forklift trucks; and HPac, a proton-exchange membrane electrolyser. The company is also involved in the research and development of scientific and engineering projects; development and manufacture of prototype products; and sale of electrolysis equipment and hydrogen storage solutions. ITM Power Plc was incorporated in 2004 and is headquartered in Sheffield, the United Kingdom.

FW Thorpe Plc designs and manufactures a variety of interior and exterior lighting.  The Company's products are produced in the United Kingdom and sold throughout the world.

Luceco PLC manufactures and distributes electrical products. The Company offers modules, lamp holders, pendant sets, ceiling switches, adaptable boxes, sockets, lamps, tubes, and accessories. Luceco markets its products globally.

AFC Energy PLC develops and sells alkaline fuel-cell systems in the United Kingdom. Its fuel-cell systems use hydrogen to produce clean electricity. The company was founded in 2006 and is based in Cranleigh, the United Kingdom.

Dewhurst plc manufactures and sells electrical components and control equipment for industrial and commercial capital goods. It supplies various lift components, such as push buttons, indicators, lift control and monitoring systems, switching components, LCD displays, LED displays, speech and encoders, lanterns, electronic gongs, hidden legends and indicators, key switches, gate locks, destination controls, landing and car fixtures, fixture options, safety edges, and dial/sweep indicators. The company also offers keypads of banking terminals, security, ticketing machines, and petrol pumps for the lift and ATM industries. In addition, it provides transport products, such as highway products, parking equipment, push buttons, multi-sounders, and rail and status indicators to the rail industry. Dewhurst plc sells its products under the Dupar brand primarily in the United Kingdom, Europe, the Americas, Asia, Australia, and others. The company was founded in 1919 and is headquartered in Feltham, the United Kingdom.

SIG plc distributes specialty building products. The Company provides thermal insulation, exterior roofing products, ceilings, partitionings, dry lining, floor coverings, glass and specialist door systems, and a wide range of related products. SIG offers its products to the construction industry primarily in Europe.

Cohort plc, through its subsidiaries, provides various products and services for the defense and security, transport, offshore energy, and other commercial markets in the United Kingdom, the Asia Pacific, North and South America, and other EC countries. The company?s services and solutions include electronic warfare operational support, secure communication systems, secure networks, test systems, and data management. It also offers electronic and surveillance technology for electronic warfare and intelligence systems, communications, UAVs, force protection, and special projects; and technical support, consultancy, and managed services in the areas of complex systems and training support, as well as regulatory, information, and communication. In addition, the company provides research, development, manufacturing, training, and support services for complex systems. Further, it offers systems engineering, software, and electronic engineering services and solutions, including design and manufacture services to government and industry. Cohort plc was incorporated in 2006 and is headquartered in Reading, the United Kingdom.

Avon Protection PLC designs and specialized protection and defense products. The Company researches, develops, and manufactures ballistic and respiratory protection products such as mask systems, powered and supplied air systems, filters, spares, and accessories. Avon Protection serves customers worldwide.

Galliford Try Holdings PLC serves customers in the United Kingdom.

Porvair plc is a specialist filtration and environmental technology group with operations in the UK, US, Germany and China. The Company supplies niche markets in aviation; energy and industrial; environmental laboratory and molten metal filtration. Over 80% of sales are from consumable products for which replacement sales recur at regular intervals.

Longwell Company manufactures power cords. The Company's products include power cord sets, power supply cords, cable assemblies, wires and cables, connectors, micro heat sinks and heat pipes, as well as tubing.

Beijing Dinghan Technology Co., Ltd. develops, manufactures and sells electrical equipments for rail transit electricity systems. The Company also provides related technical support services.

Yantai Longyuan Power Technology Co.,Ltd. manufactures, sells and installs electricity generation equipment.  The Company's products include plasma ignition and combustion equipment, and oil ignition equipment.

Yantai Longyuan Power Technology Co (300105 CH)

Jiangsu Zongyi Co., Ltd.  builds solar power plants, manufactures solar cells, and design chips. The company also provide software and network services.

Hangzhou Zhongheng Electric Co Ltd. develops and supplies electrical products. The Company's products include electric power operating power systems, outdoor communication power supply systems, and indoor communication power supply systems.

Hangzhou Zhongheng Electric Co, Ltd. (002364 CH)

Korea Electric Terminal Co., Ltd. specializes in manufacturing a wide range of connectors used in automobiles, home appliances, and telecommunications devices, The Company also produces fiber-optic products, such as jumper cord assemblies, attenuators, couplers, and multiplexers.

Fujian Nanping Sun Cable Co Ltd designs and produces power wires, wire harnesses, plugs, wire clamps, and wires which are used in the internal or external of computers, TVs, speakers, and home appliances.

Dalian Insulator Group Company Limited develops, manufactures and sells procelain and composite insulator for high-voltage transmission lines, procelain and composite insulator for power stations, and porcelain fittings.

GUANGZHOU ZHIGUANG ELECTRIC CO., Ltd. develops, designs, manufactures and distributes electric power grids control equipments, electric control equipments, power conservation equipments, electric automation equipments and electric information systems.

Guangzhou Zhiguang Electric Co, Ltd. (002169 CH)

Bharat Bijlee Limited manufactures electric motors and transformers.  The Group also designs and creates Speed Drive Systems for sugar centrifugals, in addition to controllers for VSD systems. Bharat Bijlee also undertakes construction projects.

Ceres Power Holdings plc engages in the development and commercialization of fuel cell technology in the United Kingdom, Asia, and Europe. The company offers Ceres Steel Cell, a fuel cell technology that converts natural gas or hydrogen directly into electrical power. It provides its products for use in the distributed energy products for home and business customers. Ceres Power Holdings plc was founded in 2001 and is based in Horsham, the United Kingdom.

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Ceres Power Holdings (CWR LN)

Significant commercial progress during H117

Ceres Power has announced a sequence of customer wins during H117, one of which was its first “go-to-market” agreement. This brings the total...

Edison Investment Research

OEM deal to enter multi-kW CHP market

Ceres Power has signed a Joint Development Licence Agreement with a leading global OEM for a multi-kW combined heat and power (CHP) product based...

Edison Investment Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Significant commercial progress during H117

Ceres Power has announced a sequence of customer wins during H117, one of which was its first “go-to-market” agreement. This brings the total...

Edison Investment Research

OEM deal to enter multi&#45;kW CHP market

Ceres Power has signed a Joint Development Licence Agreement with a leading global OEM for a multi-kW combined heat and power (CHP) product based...

Edison Investment Research

OEM deal to enter multi-kW CHP market