Ceres Power Holdings PLC on Monday said that its annual loss widened, driven by ‘increased energy prices’ and ‘high inflation’, as well as an increased investment into research & development projects.

The Horsham, England-based developer of clean energy technology reported a revenue of £22.3 million for 2023, a 13% increase from the £19.8 million reported for 2022.

However, pretax loss widened by 4.0% to £53.6 million from £51.5 million reported in 2022.

Operating costs also increased to £76.6 million from £66.1 million, a year-on-year increase of 13%.

Ceres Power Holdings invested £54.0 million into research & development in 2023, an increase of 11% from the £48.5 million invested in 2022, as part of the company’s decision to ‘drive innovation and commercial acceleration in electrolysers’.

In January 2024, Ceres Power Holdings signed a new fuel cell and electrolysis licence with Delta Electronics Inc, a Taiwanese electronics manufacturing company. The agreement included revenue of £43.0 million to Ceres Power Holdings through technology transfer and licensing, of which ‘approximately half is expected to be recognised as revenue in 2024’.

Chief Executive Officer Phil Caldwell said: ‘After a challenging 2023, Ceres is already on track for a strong year in 2024, underpinned by a significant new licence deal with Delta, our first to include a solid oxide electrolysis cell.

‘This is further validation of our strategy to accelerate investment into SOEC, our green hydrogen technology, and adds to our series of world-class partnerships as we continue to scale our business globally.’

Ceres Power Holdings shares rose 2.4% to 142.26 pence each in London on Monday afternoon.

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