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 number of commercial agreements signed in calendar 2016 to four: Cummins, Honda, Nissan and an undisclosed global OEM. These wins have helped generate £1.5m of revenue and other operating income, three times the H116 total. This growth, together with an order book totalling £4.8m at end H117, supports our estimates, which we leave unchanged.