Ceres Power
Ceres Power is a UK clean-energy technology company developing solid oxide fuel-cell and electrolyzer systems through a licensing and industrial-partnership model.
Last updated August 31, 2026
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Overview
Ceres Power is a United Kingdom clean-energy technology company focused on solid oxide fuel cell and solid oxide electrolyzer cell systems. Its technologies are intended for applications where efficient, lower-carbon generation or hydrogen production is required, including distributed power systems for cities, factories, data centres and electric-vehicle charging infrastructure. The company is headquartered in Horsham and operates primarily as a technology developer and licensor rather than as a conventional equipment manufacturer selling a single integrated product range directly to end users. The company originated as a spin-out from Imperial College London in 2001. Its technical foundation came from more than a decade of fundamental research led by Professor Brian Steele. Ceres developed a proprietary platform known as the Steel Cell, a solid oxide technology designed to operate at high efficiency and to support multiple energy pathways. In fuel-cell mode, the system can generate electricity from fuels including mains natural gas. In electrolyzer mode, the reversible platform can produce hydrogen, including green hydrogen when supplied with renewable electricity. This reversibility is central to the company’s proposition because it allows the same underlying technology family to address both power generation and energy-storage or hydrogen-production requirements. Ceres’s commercial model is based on licensing its technology to industrial partners that develop, manufacture and market products or systems using the company’s intellectual property. Partnerships mentioned in public reference material include collaborations with Weichai, Doosan and Shell. This approach is intended to give Ceres access to larger manufacturing and distribution capabilities while allowing it to concentrate on technology development, validation and licensing economics. The company has presented its platform as relevant to the decarbonisation of hard-to-abate or reliability-sensitive applications, including industrial sites and data centres. Ceres first became publicly traded in November 2004. In June 2023, it moved from the London Stock Exchange’s Alternative Investment Market to the exchange’s Main Market. It is also identified with the FTSE 250 and has received the London Stock Exchange’s Green Economy Mark, a classification for listed businesses deriving more than half of their activity from the green economy. The company has received recognition for its technology and international commercial ambitions. In 2021 it received a Queen’s Award for Enterprise in the International Trade category. In 2023, the Royal Academy of Engineering awarded Ceres the MacRobert Award for its fuel-cell technology, citing its potential contribution to large-scale decarbonisation. The company’s development has also faced commercial uncertainty. In December 2023 it issued a revenue warning attributed to contract negotiations taking longer than expected. In March 2025, Bosch announced that it was withdrawing from a joint venture with Ceres, creating a further challenge for the company’s partnership strategy. Ceres remains an active listed developer of fuel-cell and hydrogen technologies, with its future dependent on the technical performance, cost competitiveness and adoption of its platform by global industrial partners.
History
Ceres Power was established in 2001 as a spin-out from Imperial College London. Its origins lay in more than ten years of fundamental research into solid oxide technologies led by Professor Brian Steele. The company was formed to translate that research into commercially useful fuel-cell and energy-conversion systems. The central technology developed by Ceres is the Steel Cell, a patented solid oxide platform. Solid oxide fuel cells use electrochemical reactions to generate electricity and can operate with several fuels. Ceres’s system was designed for distributed power generation and could operate using mains natural gas. The platform is reversible: operated in one direction, it generates electricity; operated in the other, it functions as a solid oxide electrolyzer capable of producing hydrogen. This dual capability allows the technology to be considered for both power generation and energy-storage applications. Ceres became a public company when it was first listed on the London Stock Exchange in November 2004. Over time, its strategy developed around licensing the Steel Cell and related intellectual property to industrial partners. Rather than building a global manufacturing network entirely under its own ownership, the company sought to work with established companies able to develop, manufacture and commercialize systems for particular markets. Publicly identified partners include Weichai, Doosan and Shell. Phil Caldwell became chief executive in September 2013, following investment from IP Group. Under the partnership-led model, Ceres continued to position its technology for distributed generation and hydrogen production, with potential applications in industrial facilities, cities, data centres and electric-vehicle charging infrastructure. The company also became associated with the wider hydrogen economy. The United Kingdom’s Hydrogen Strategy identified Ceres alongside other UK technology companies as being at the forefront of international hydrogen development. Ceres was also a founding member of the Long Duration Energy Storage Council. The company’s public-market status changed in June 2023 when it moved from the Alternative Investment Market to the Main Market of the London Stock Exchange. Ceres is described as a constituent of the FTSE 250 and has received the London Stock Exchange Green Economy Mark, reflecting the predominance of green-economy activity in its business. Ceres’s technology received several forms of institutional recognition. In 2021, it won a Queen’s Award for Enterprise in the International Trade category. In July 2023, the Royal Academy of Engineering awarded the company the MacRobert Award for its fuel-cell technology and its potential contribution to global decarbonisation. The company subsequently encountered commercial headwinds. In December 2023, Ceres issued an unexpected revenue warning because contract negotiations were taking longer than expected. In March 2025, Bosch announced that it was withdrawing from a joint venture with Ceres. These developments highlighted the dependence of Ceres’s licensing strategy on the timing and continuation of industrial partnerships. Ceres remains active as a UK developer and licensor of solid oxide fuel-cell and electrolyzer technology.
- 2023
Transfer to the Main Market
[1]Ceres moved from the Alternative Investment Market to the Main Market of the London Stock Exchange in June.
- 2023
MacRobert Award
[1]The Royal Academy of Engineering awarded Ceres the MacRobert Award for its solid oxide fuel-cell technology.
- 2021
Queen’s Award for Enterprise
[1]Ceres received the Queen’s Award for Enterprise in the International Trade category.
- 2013
Phil Caldwell becomes chief executive
[1]Phil Caldwell became chief executive in September 2013 following investment from IP Group.
- 2004
Initial London Stock Exchange listing
[1]Ceres Power was first listed on the London Stock Exchange in November 2004.
- 2001
Spin-out from Imperial College London
[1]Ceres Power was founded as a spin-out from Imperial College London after more than a decade of fundamental research led by Professor Brian Steele.
Products and positioning
A technology-led clean-energy company positioned around efficient, reversible solid oxide systems for distributed power generation, hydrogen production and industrial decarbonisation. Ceres emphasizes licensing and partnerships with global industrial companies rather than direct mass-market product distribution.
Solid oxide fuel cell and electrolyzer platform
Ceres Steel Cell
The Steel Cell is Ceres Power’s patented solid oxide technology platform. In fuel-cell mode it can generate electricity from multiple fuels, including mains natural gas, for distributed power applications. Its reversible design also allows operation as a solid oxide electrolyzer, producing hydrogen at potentially high efficiency and supporting the use of renewable electricity for green-hydrogen production. Ceres commercializes the platform principally through licensing and industrial partnerships.
Brand decisions
2025
Bosch withdrawal from joint ventureM&ABackground
Ceres’s commercial strategy depends substantially on industrial partners for the development and commercialization of clean-energy systems.
Action taken
Bosch announced in March 2025 that it was withdrawing from a joint venture with Ceres Power.
Aftermath
The withdrawal represented a setback for the partnership structure, although the available reference material does not specify the venture’s financial impact or Ceres’s subsequent response.
2023
Transfer from AIM to the London Stock Exchange Main MarketStrategyBackground
Ceres Power had been publicly traded on the London Stock Exchange since 2004 and later moved from its junior-market listing to the exchange’s Main Market.
Action taken
The company completed the move from the Alternative Investment Market to the Main Market in June 2023.
Aftermath
The transfer placed Ceres on the Main Market while the company continued operating as a listed clean-energy technology business.
2023
Revenue warning linked to delayed contract negotiationsOtherBackground
Ceres reported that negotiations on contracts were taking longer than expected.
Action taken
The company issued an unexpected revenue warning in December 2023.
Aftermath
The warning drew attention to the timing risk inherent in Ceres’s partnership and licensing model.
Recent events
Ceres Power appoints Eric Lakin as CFO[2]
Reported:
Ceres Power Holdings PLC said it appointed Eric Lakin as its new chief financial officer. He was expected to start in January 2022.
Sources2 sources
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