Ceres Power Holdings Faces Revenue Setback

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Ceres Power Holdings, a leading fuel-cell technology company, experienced a sharp decline in its shares on Friday. The company announced that its revenue for 2023 will be lower than the previous year due to a delay in obtaining a license.

At 1328 GMT, shares tumbled by 28.40 pence or 15%, reaching a low of 135.68 pence earlier in the session.

In a recent statement, Ceres Power disclosed that discussions with a potential new license partner were underway. However, it is unlikely that an agreement will be finalized in time to generate revenue for this year.

Previously, the FTSE 250-listed company had stated that its full-year revenue would depend on securing new license partners and China joint ventures in a timely manner.

As a result of the license delay, Ceres Power now expects to report revenue ranging between £20 million to £21 million ($25.2 million to $26.5 million) for the year ending on December 31. This is a decrease compared to the £22 million earned in 2022.

While the company remains optimistic about future prospects and ongoing negotiations, this setback highlights the importance of timely agreements and partnerships within the industry.

By Ian Walker

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