Ceres Power Holdings PLC shares rocketed on Thursday, as it announced the signing of its first hydrogen licence with Taiwanese power and thermal management solutions company Delta Electronics.

Shares in Cere jumped 43% to 215.80 pence each in London on Thursday morning.

The Horsham, England-headquartered clean energy tech developer said the global long-term agreement covers the manufacturing collaboration and licensing of both solid oxide electrolysis cell and solid oxide fuel cell stack production. It will bring in £43 million in revenue to Ceres, half of which is expected to be recognised in 2024. In 2022, Ceres Power reported revenue of £22.1 million.

Ceres said there is the potential for additional revenue from the sale of development stacks to Delta. The agreement includes royalty payments to Ceres on the future commercial production and sale to Delta’s end customers.

Ceres said technology introduction and factory construction will begin this year, with Delta’s initial production to start before the end of 2026.

‘Today we take this first step towards what promises to be a strong collaboration with Delta to accelerate the industry globally,’ said Chief Executive Officer Phil Caldwell.

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