I've been taking a very close look at Ceres and have subsequently made these guys my no.1 position (excepting D1's meteoric rise . Looking forward to an update at FY results on 15th March.

Why do I like Ceres? Well it's THE BEST FUEL CELL COMPANY IN THE WORLD of course. Big claim? Yes - but totally justified:

Fuel cells are CRAP investments - just look at Ballard. Why? Because their technology is FUNDAMENTALLY UNECONOMIC. It cannot compete with existing solutions. For example, Ballard has to achieve a capital cost of just $50USD per KWh of power-output to match current car combustion engines. They're somewhere above $2000. Short Ballard.

What makes Ceres unique? Their technology makes them THE LOWEST COST FUEL CELL BY A MILE. There are 2 main types of fuel cell - both are Pooh:

PEM - Proton Exchange Membrane uses an expensive polymer combined with a VERY expensive platinum catalyst, which is destroyed if non-pure hydrogen is used. Pure hydrogen depends on a 'hydrogen economy' - i.e. mass distribution of hydrogen which would currently come from oil - oh dear, not saving the world. Perhaps algae are the answer, or more practically, purifying natural gas using a 'reformator'. Unfortunately these are a further stumbling block - very expensive. So PEM is Pooh. Forget Johnson Matthey (producer of platinum cells), forget Ballard Power, forget ITM Power who, although having an interesting royalty model, are looking for small incremental gains which will not bring down costs enough.

SOFC - Solid Oxide Fuel Cell uses various types of ceramic-based compound which crucially can cope with natural gas as the fuel rather than pure hydrogen. The issue, however, is that SOFC runs typically at 800 degrees + which requires very expensive and fragile glass or ceramic based stack structures, because common metals melt above 600 degrees. Thermal cycling - where the fuel cell is turned on and off as needed - is very damaging - i.e. SOFCs can't cope with most applications.

So what does Ceres do? IT-SOFC, Intermediate Temperature SOFC. This runs at around 550 degrees which very simply means they can use stainless steel to layer the ceramic on and build the stack in a very neat easy-to-manfacture system. Steel is extremely durable to thermal cycling and MUCH cheaper than specialist materials. Being SOFC, natural gas from the pipe or from BOC gas cannisters can be used with all the inherent benefits. Ceres have PATENTED THE IDEA OF CERAMIC ON METAL and the secrets of the ceramic and process are not reverse-engineerable. I am happy that this is not replicable.

What can Ceres do with this technology? Make the cheapest fuel cell by a country mile. Ceres expect to comfortably beat the generally accepted benchmark of $500/kwh...but hang on - isn't it $50? Er no. Quite frankly, fuel cells for cars is the stupidest thing I've ever heard. USE BIODIESEL!! Anyway, Ceres targets stationary power - i.e. back-up power, power for mobile phone base-stations, remote-power - all set to use bottled gas - i.e why BOC is working so closely with Ceres. The benchmark is c$1000.

However, this would be small beer compared to the distributed generation opportunity. This is where the heat of the 550 degree fuel cell stack can act as the residential boiler to provide central heating for the home in combination with electricity generation - in fact producing more electricity than a typical home needs which can be sold back to the grid. This is MASSIVELY EFFICIENT. Not only do fuel cells (and Ceres' in particular) convert gas energy into electricity energy more efficiently, the heat energy is also used and the electricity drop and the enormous cost of our ailing national grid would be eliminated at a stroke. Small wonder then that Blair mentions Ceres in speaches and the DTI and the Carbon Trust throw money at these guys. PowerGen is currently trialing WhispaGen 'Stirling Engines' which attempt to do the same thing but produce far more heat than electricity. They are extremely expensive and inefficient compared to Ceres, but PowerGen is spending $300m!!!! on their trial. PowerGen will be extremely keen to own these power generators, sharing the benefits of the savings with home users, whilst the government will find their Kyoto targets are not so scary after all. Currently, 'condensing boilers' which save a small amount of energy sell for around $1250.

So there you have it - an amazing product. Is it a pipe dream? NO - the prospectus clearly details that Ceres have already rigorously proved the efficiency of their fuel cell - that is not the issue any more. Rather, it's how quickly Ceres can commercialise the product and the clear focus in 2005 is developing proto-type machines to test the use of fuel cells by BOC, Dunlop (and others - be sure of that)... I have also spent time reading the government documents on combined-heat-and-power and distributed-generation and it is clear that not only have regulatory barriers been eliminated, incentives are being put in place to bring this forward as fast as possible. But let's not be narrow. CHP-DG will be extremly attractive to Germany, Europe, Japan, USA, everyone. It is cheaper (if you use Ceres Inside), more environmentally friendly, quieter, more reliable (no moving parts) etc etc

Ceres has 18m quid in the bank, and is going to have a cash burn of an amazingly low 250k/month with c1m quid covered by deals such as Dunlop. A cash call will be unnecessary until they - dare I say it - get the PowerGen contract. Management are solid - Peter Bance has a record of commercialising innovative technology, and the Imperial research team are working very closely.

Thinking further ahead, Ceres are the only guys who can do this, and will become 'Intel Inside' if they succeed. Importantly, fuel cells do run down like light-bulbs, and technological advances will continue, so Ceres can benefit from a constant stream of replacement sales. And Ceres will be truly global. There is no-one else. Not even 'Ceramic Fuel Cell Ltd' listed in Australia and considering a listing in UK - laughable - they have the fragile SOFC stack running at 800 degrees.

So what is Ceres worth. Well, if people are happy to pay $500m EV for Ballard, which is burning through their $300m cash balance at $100m/year, then Ceres is a no brainer. ITM Power is leagues below Ceres - yet is valued higher. In fact, my biggest fear is that this potential world class company will be bid for at a stupidly low price like 200m pounds by e.g. Ballard desperate to have a product that actually works and thus we will be unable to benefit from a stock that could be the next future multi-billion Intel.

Ceres to power on to Aim valued at £60m
By Edward Simpkins (Filed: 31/10/2004)

Ceres Power, an award-winning environmental technology company, is to float on Aim within the next 10 days valuing the business at around £60m.


Ceres, which is led by Peter Bance, the chief executive, has developed a revolutionary heat and power boiler that will allow householders to produce their own electricity as well as hot water from domestic gas supplies.

The company was singled out for praise by Tony Blair, the prime minister, in a speech on climate change in September as an example of a British firm developing world-beating technology. Last year it won the inaugural Low Carbon Innovation Award, in a scheme jointly run by The Sunday Telegraph and Carbon Trust, a government-backed body set up to help the UK become a low-carbon economy.

Ceres's device, known as a fuel cell, produces electricity and usable heat when gas is passed over one side of a special membrane and air is passed over the other. A number of utility companies are said to be interested in installing the devices for their customers, while BOC, the industrial gases giant, is running a trial to use the technology with bottled gases in locations where mains supplies are unavailable.

The fuel cells produce substantial energy savings for users and will reduce CO2 emissions.

The problem with previous versions of fuel cells is that they have worked only with hydrogen and have required expensive platinum components. The advantage of the Ceres cell is that it is made largely from stainless steel and ceramics using fairly standard low-cost manufacturing techniques.

Ceres Power Holdings plc
23 February 2005



              Ceres Power Holdings plc ('Ceres' or the 'Company')


Ceres receives major government backing through £1.9 million contract

Ceres, the AIM-quoted fuel cell company, is pleased to announce that it has been
awarded a £1.9 million contract from the UK's Department of Trade & Industry
(DTI) as part of the government's commitment to support the development of
low-carbon technologies.  This contract highlights Ceres' leading position in
the alternative energy industry.

The programme, where Ceres is leading a consortium of other contributors, will
help the Company explore fuel cell stack and system designs which may help
further reduce manufacturing costs and deliver more compact, lightweight
commercial solutions.

Chief Executive Peter Bance said: 'As a high growth UK company exploiting
leading edge energy technology offering significant environmental and economic
benefits, we have enjoyed major government support up to the highest levels.
The widespread commercialisation of our fuel cells could offer substantial CO2
reduction, fuel savings leading to reduced reliance on imports and help to
relieve the strain on the electricity grid - all critical government
objectives.'

Since winning the Carbon Trust's Innovator of the Year Award in 2003, Ceres has
been described by Prime Minister Tony Blair as a 'world leader', while Energy
Minister Mike O'Brien said the company is 'at the forefront of the race to make
fuel cells a commercially viable technology.'

The award of this contract follows Ceres raising £21.6 million through its
November 25th 2004 listing on AIM in addition to two prior rounds of private
equity funding totalling £10 million over the course of the previous 3 years.

Ceres has also been the recipient of a total of five grants from the DTI and the
Carbon Trust which have contributed to the acceleration of its R&D programme.

Ceres, BOC to trial using LPG in intermediate-temperature SOFCs

Global industrial gases giant BOC has entered into an agreement to run development trials of solid oxide fuel cell technology operating on liquefied petroleum gas (LPG). The innovative SOFC, which operates at intermediate temperatures of 550–600°C rather than the conventional 750–800°C, has been developed by UK-based Ceres Power, a spin-off from Imperial College London. Under the agreement, the two companies will over the next 6–18 months assess how LPG works with Ceres’ wafer-thin fuel cells.

Unlike most other fuel cells, the technology developed by Ceres Power does not need hydrogen as a feed gas, which means that LPG could be used to produce clean, silent power in a wide range of applications. The Ceres team has spent more than 12 years developing and proving its revolutionary intermediate-temperature SOFC technology, ahead of the pre-commercial trials now getting under way with BOC.

Ceres is targeting a range of global applications including residential power units, backup generators, telecoms base stations, construction sites and other off-grid locations. Its technology uses low-cost materials and existing mass-production techniques. Since 2001 the company has raised around £10 million (US$18m) in two rounds of private equity funding from backers including The Carbon Trust, funds managed by Fleming Family and Partners, RAB, Nikko, and Chicago Environmental. The UK’s new energy minister, Mike O’Brien, recently opened the company’s expanded product development and test facility in Crawley.

Last year BOC ran two stationary hydrogen PEM fuel cell trials in the UK – a 100 We unit from Intelligent Energy at its Wolverhampton site, and a 500 We system from ReliOn (formerly Avista Labs) at its St Helens site [FCB, August 2003]. Earlier this year BOC worked with Orange and FDT Solutions to install a Plug Power 5 kWe hydrogen PEM fuel cell system to provide standby power to a mobile telecom system near Aberdeen [FCB, May].

Amorruso - 11 Mar'05 - 11:44 - 86 of 96


I contacted CWR earlier this morning and they did actually confirm that they will be announcing interims on Tues March 15th.

Markets and Products

Ceres Power is a developer and manufacturer of fuel cells and integrated product
systems which can be applied to deliver substantial economic and environmental
benefits for a range of global market applications:

•  Combined Heat and Power (CHP) - providing heat and power for homes and
    small businesses

•  Off-grid Power - power at point of use from commercially available
    bottled gases

•  Auxiliary Power Units (APU) - satisfying the electrical demand for
    on-board vehicle applications

•  Uninterruptible Power Supplies (UPS) - security of energy supply for
    critical applications

The proven ability of the technology to perform well on both hydrocarbon gases
and hydrogen allows the fuel cells to run on existing fuel infrastructures and
the future hydrogen economy.

The group is thus ideally placed to exploit near term opportunities and deliver
long term growth from existing and emerging markets.

Highlights

•  Admission to AIM on 25 November 2004 with blue chip institutional
    backing

•  15 million funds raised from IPO

•  £18.3 million cash and short term investments at 31 December 2004

•  First commercial revenues from customer partnerships

•  Major investment in fuel cell manufacturing facilities

•  Successfully completed grant funded development programmes with Carbon
    Trust and DTI

•  Core technology patent granted in the US

•  Recognition as a leader in low carbon technology and energy efficiency
    by Prime Minister Tony Blair in his Climate Change Speech

Chairman's Statement

Prime Minister Tony Blair referred to Ceres Power as a 'world leader' in his
Climate Change Speech.

The Energy Minister Mike O'Brien described Ceres Power as 'being at the
forefront in the race to make fuel cells commercially viable'.

The group has achieved major progress in its research and development activities
during the past year.

I am pleased to report on the substantial progress achieved by the group in the
six months to 31 December 2004.

Admission to AIM

Ceres Power Holdings plc was admitted to the Alternative Investment Market (AIM)
of the London Stock Exchange, with trading of the shares commencing on 25
November 2004. It was particularly pleasing that we were able to attract a
significant number of prestigious financial institutions as new shareholders.
The funds raised will allow the group to take advantage of the very substantial
opportunities open to it and to negotiate partnership agreements from a position
of strength. High quality staff have been, and will continue to be, recruited.
New equipment has been purchased to accelerate technical progress towards
commerciality and to provide the basis for future growth.

Financial results

The group received its first commercial revenues during the six months to 31
December 2004, providing in excess of £60,000 from development and testing
arrangements with two global companies. During the period the group successfully
completed grant funded projects sponsored by both the Carbon Trust and the DTI.
These projects, and one further project, generated operating income of almost
£300,000 for the six month period. These income streams provide a significant
endorsement of the group's technology and have contributed to the progress
achieved in 2004.

Research and development costs increased by 44% to £1.03 million for the six
months, compared with the same period last year, reflecting increased headcount,
R&D contract and materials costs. Expansion into the adjoining facility has
increased establishment costs and depreciation on associated capital
expenditure. Administration costs increased in the period, reflecting the
demands of a high growth company preparing for a stock market listing.

Interest income of £136,000 was greater than the prior year as a result of both
the second private round and IPO fundraisings. The loss for the six months was
£1.35 million, compared with £766,000 in the latter half of 2003, reflecting
growth in the group's operations and associated expenses.

As at 31 December 2004, the group had cash and short term investments amounting to £18.3 million, having raised some £15 million net of expenses in November 2004. Thus, the group is well financed to undertake the next phase of its
development over the coming years.

Review

The group has achieved major progress in its research and development activities
during the past year and is now focusing on product engineering for market
applications. Concurrently, we are developing strong supply chain partnerships
as the basis for generating commercial revenue streams. The effective doubling
of the facilities in Crawley to include a cell manufacturing facility and
extensive testing facilities, as well as a substantial increase in technical
staff, are measures of the transformation of the group.

Significant milestones achieved during the past six months include:

• Testing agreement signed with BOC

• Official opening of fuel cell manufacturing facility

• Fuel cell robustness and planar stack integrity demonstrated

• Multiple stack durability tests and design of complete system

• Demonstration of fuel cell operation on LPG, natural gas and hydrogen

Commercial supply chain relationships have been established with several major
international energy supply and power generation companies. The unique fuel cell
technology of Ceres Power has been endorsed by the UK government, with Prime
Minister Tony Blair citing Ceres Power as a 'world leader' in his Climate Change
Speech. In addition the Energy Minister Mike O'Brien described Ceres Power as '
being at the forefront in the race to make fuel cells commercially viable'.

People

We have attracted a number of high calibre personnel vital to the group's
progress. The new Head of Product Development, Dr. Andrew Baker, brings a wealth of experience in transforming technology into world leading mass-manufactured products in a variety of relevant industries. In addition, Mr. Harry Fitzgibbons joined the board as a non-executive director. He brings extensive experience in corporate finance, venture capital, and technology commercialisation, as well as fuel cell industry insight, having been on the Johnson Matthey board for 11 years.

Every one of our employees, as a stakeholder in the business with shareholdings
and/or share options, has made a significant contribution to the success of the
group. I would like to thank all of them for their part in our continuing
success.

Intellectual property

The group recognises the need to protect and grow its intellectual property
portfolio. Nine patent applications have been filed to date. Our core fuel cell
patent has been granted in the UK, and was recently granted in the US, unaltered
and unopposed. Further patents and trademarks continue to be filed in order to
ensure that the core technology is well protected and to help build the group's
brand value.

Outlook

The group is continuing to build on its fuel cell, stack and systems innovations
as the basis for revenue growth and value creation from customer trials and
partnership agreements. The funding raised at the time of the Initial Public
Offering is enabling the group to strengthen its team, commission customised
facilities and establish key channels to market in order to help achieve the
ambitious goals set by the board. I look forward to reporting to you on our
continuing progress.

Philip Holbeche
Chairman

Now you can come home to real fuel-cell technology
By Tim Webb
Published: 14 August 2005



The energy group Centrica will tomorrow announce a joint venture with AIM-listed Ceres Power to build the UK's first fuel-cell-powered mini boiler for domestic use.

The boiler, which will be marketed by Centrica's subsidiary British Gas, could cut households' energy bills by more than a third. It emits far less pollution than conventional boilers and can also generate electricity.

Executives hope to have the boiler, which will cost around £2,500, in the shops in three years' time.

Centrica will provide technical expertise to help Ceres Power use its fuel-cell technology to design and test the boiler. A few experimental large fuel-cell-powered boilers already exist for use in offices and tower blocks, but none has been designed to serve a single home.

Fuel cell technology is typically powered by hydrogen, but the boiler being developed by Ceres Power can also be run on natural gas. This means that households will be able to hook the boiler - which will be no bigger than conventional models - up to the domestic gas supply. Hydrogen is not yet readily available for domestic use.

Tomorrow's announcement is the first stage in the joint venture. Ceres Power says it has the necessary funding to develop the boiler, having raised £25m from private equity funds and its listing on AIM in November.

The boiler, which should take a year to design, uses "combined heat and power" technology. This means that the steam that is created when it generates electricity can also be used to heat the home, while any excess steam can be recycled to create more electricity. Excess electricity can also be sold on to the national grid.

The chairman of Ceres Power, Philip Holbeche, said: "It will save consumers money. It will also save the country a considerable amount of energy."

Soaring gas and electricity bills would encourage households to use more efficient boilers, he said. Domestic utility bills have increased by around a fifth over the past 18 months and are expected to rise further because of record oil and gas prices.

Ceres Power signs deal to develop 'green energy' boilers with British Gas

        LONDON (AFX) - Ceres Power Holdings Plc said it has signed a commercial
development deal with British Gas to provide 'green' domestic boilers that will
be capable of providing household electricity as well as heat for hot water and
central heating.
    The company said the new boilers, powered by its fuel cells, have the
potential to dramatically reduce household energy bills and cut carbon dioxide
emissions.
    Ceres Power CEO Peter Bance said: "Our ultimate goal is to enable people to
have a highly efficient, extremely safe and environmentally-friendly miniature
power station in their homes, saving them money on their energy bills and
enhancing Britain's energy security."

Ceres Power Holdings plc
15 August 2005

           British Gas signs deal with Ceres Power: fuel cell boiler
                      to provide home heat and electricity

August 15, 2005: British Gas is to work on a commercial development programme
with Ceres Power Holdings plc ('Ceres Power' or the 'Company') to provide
domestic boilers that produce electricity as well as heat.

Powered by fuel cells, the revolutionary new boilers have the potential to
dramatically reduce household energy bills and cut carbon dioxide emissions.

The two companies have signed a heads of agreement to determine how the
world-leading fuel cell developed by Ceres Power can be packaged into a complete
combined heat and power ('CHP') unit that will provide household electricity as
well as heat for hot water and central heating.

The Ceres Power fuel cell will use natural gas already piped into the home. It
generates both heat and electricity when fuel is passed across its surface, and
it has already undergone many thousands of hours of successful testing.

A cube of cells, each about the size of a CD case but wafer-thin, will form the
heart of a new generation of home boilers.

Ceres Power CEO Peter Bance said: 'The insight British Gas can provide into the
requirements of home owners will be invaluable in helping us tailor the design
for mass-market application.'

Mr Bance added: 'This important commercial agreement brings together a
world-leading, high-tech UK growth company and the country's largest energy
supplier. Our ultimate goal is to enable people to have a highly efficient,
extremely safe and environmentally-friendly miniature power station in their
homes, saving them money on their energy bills and enhancing Britain's energy
security.'

Dominic Shorrocks, Director of New Growth, British Gas Home Services, said: '
Making green energy a reality is a core part of our strategy. Fuel cell-powered
boilers will make far more effective use of hydrocarbons than a conventional
boiler and will help our customers save money.'

The CWR chart looks very interesting, after today's further little tick up.
Does anyone have the wherewithall to post a pretty picture?

ElGordo - 25 Aug'05 - 13:18 - 261 of 262
Featured as one of six shares in Shares Magazine's cover article, "Hidden Gems", today. I can't tell you what it says because I haven't read it, but I guess the clue is in the title!

Maybe there's a Shares subscriber out there who could give a summary?
====
Stegrego - 25 Aug'05 - 18:37 - 262 of 262

Paraphrased from Shares:

Fuel cell - Imperial College - High tech - world class research

How bright is the future?

Very. Renewable energy sources are becoming increasingly popular with investors but, not many analysts follow and Ceres isnt followed by an army of them, which is maybe why shares have slumped. However, the company made a recent breakthrough re size and power, a year ahead of schedule. Also signed a 5 year deal with BG to design a green domestic boiler.

Chance of profit this yr 2 out of 5
City radar screen potential 4 out of 5

Ceres Power, the Aim-listed fuel cell company, is expected to announce a joint venture with BOC, the industrial gases giant, within the next few days.

Ceres is developing fuel cells that use gas to produce both hot water and electricity. The company is expected to say that the joint venture is a further step towards bringing a product to market. The aim of the link with BOC is to produce a commercially viable fuel cell that will enable continuous supplies of heat and power to be produced from bottled gas.

The two companies have carried out trials of the system using propane and liquid petroleum gas. The new agreement covers pre-commercial testing and development work.

The fuel cell could be used to provide silent, reliable power and usable heat for applications such as construction sites or telecoms base stations. Ceres and BOC plan to move beyond the initial fuel processing trials already completed to explore market applications in preparation for the launch of a commercial product.

Peter Bance, the chief executive of Ceres, said the deal "underscores how rapidly Ceres is progressing towards a commercial product".

Earlier this year Ceres signed a deal with British Gas that will see the two companies develop a boiler that takes gas straight off the main grid and produces electricity as well as hot water.

Ceres Power Holdings plc
05 September 2005


Second BOC contract moves Ceres Power fuel cell closer to market

The BOC Group ('BOC'), the global industrial gases giant, is moving
another step forward with Ceres Power Holdings plc ('Ceres Power' or the
'Company') on fuel cell technology that generates electricity from
a range of cylinder gases.

Following an initial programme started last September and now successfully
completed, BOC and Ceres Power have entered into a second agreement to carry out
pre-commercial testing and development work.

Ceres Power Chief Executive Peter Bance said: 'This important follow-up
contract underscores how Ceres is progressing rapidly towards a commercial
product with its world-beating fuel cell. We have moved beyond research and
development and have established strong links with global partners who have
excellent channels into a range of market sectors.'

The original trials run for BOC assessed how fuels like LPG and propane could be
used to produce electricity when it passes across the surface of the Company's
fuel cell. The fuel cell could be used to provide silent, reliable power and
useable heat for a range of off-grid applications from construction sites to
telecoms base stations. The two companies will move beyond the initial fuel
processing trials already completed, to explore specific market applications in
preparation for the launch of a commercial product.

BOC Global Director of Sustainable Energy, John Carolin added: 'This
second-phase contract with Ceres follows on from our original technical
feasibility trials which were successfully completed and showed real promise.
The potential markets we have identified represent significant growth
opportunities for our business around the world.'

AIM-quoted Ceres Power, based in Crawley near Gatwick, is also working with
British Gas to develop its fuel cell for use in people's homes. It will run off
natural gas to produce both heat and electricity, cutting domestic energy bills
and reducing greenhouse gas emissions.

How a fuel cell works

A fuel cell operates by electrochemically combining gas -- such as LPG, propane,
natural gas or hydrogen -- with oxygen taken from the air outside. While fuel
cells are more like engines than batteries, to the extent that they generate
energy from fuel in a tank rather than store energy, their design and
construction is more akin to batteries with their flat electrolyte layers
sandwiched between electrodes.

Fuel cells are solid state devices that convert fuel directly into electricity
and heat at very high efficiency and in an environmentally friendly way,
offering significant energy savings and emissions reductions.

About Ceres Power

Ceres Power is a successful AIM-listed fuel cell business targeting a range of
global market applications including on-site/back-up generators, residential
combined heat and power, and auxiliary power units for transport.  Critically,
the technology uses low-cost materials and existing mass-production techniques.
And unlike many fuel cells, the Company's cell can run on widely available fuels
like LPG, propane and natural gas as well as on hydrogen.

The Company received major recognition for its green credentials when it became
the 2003 winner of the prestigious Carbon Trust Innovation Award.  More
recently, Ceres Power secured the industry's top accolade by winning the
Institute of Materials, Minerals and Mining's Gold Medal for 2005.

Since its formation in 2001, Ceres Power has raised over £25 million of funding
through two rounds of private equity and its AIM IPO in November 2004.  The
Company has many blue chip City institutions as financial backers including
Fidelity, Morley, Cazenove, and Jupiter.

CockneyRebel - 26 Sep'05 - 17:32 - 69 of 73


You have to think that this is a company with a world beating technology trading on a market cap of £88m.

The potential is huge - it reminds me of ARM when that spun off from Acorn - unfortunately I only discovered ARM when they had multi-multi bagged many times to £5. Still went up 10 bag from there but would have been great to catch it much lower.

I've not seen CWR get much coverage in the press and the majority of investors don't seem that aware of it imo. I like that. This is not my normal type of stock but a company with a world beating technology, 15 years in the making, with unopposed patents in the US and that has already signed development contracts with Dunlop, BOC (2) and BG must be worth backing. The DTI has been bunging money their way, they can see the potential too imo.

What's more they are right on the money in that the world is desperately looking for alternative, renewable sources of energy - this is perfectly timed.

I've seen lots of techi-dreamy stocks float on AIM with delusions of grandure but this one seems different, with a product that is advanced in it's development and deals done with very credible large companies that are also singing the products praises.

I expect the press to get hold of the story and run it for all it's worth after the results this week. Blair endorsed, cutting edge and all the rest of it - Britain saves the world.

The chart looks dead horny too - four big legs up and each one has got larger - all with very minor retraces. The company seems good on newsflow too been lots of RNS announcements since the float, 8 meaningful ones in 8 months - that keeps the punters dribbling imo.

Still trading at just 30% over the float price, I think I've caught these low down.

Pleased I holding, should have a lot higher profile after the results.


CR

Ceres Power Holdings plc
28 September 2005


                            Technical Milestone

    Ceres Power announces latest technical milestone marking fuel cell
                            success with propane


28 September 2005: AIM-quoted Ceres Power Holdings plc ('Ceres Power'
or 'the Company') has passed another key technical milestone - establishing that
its world-leading fuel cell can be engineered into a power generating system
fuelled by bottled gas.

The Company has successfully designed, built and tested an integrated fuel cell
system comprising a bottled gas supply, fuel processor and multi-layer stack.  A
continuous supply of electricity in the range of 250 to 400 Watts was generated
as the system was put through its paces in a series of tests simulating
in-service operating conditions.

Ceres Power's Product Development Director, Andrew Baker said: 'This is
another crucial milestone in our development programme, proving not only that
our cell will work with a range of readily available fuels, but also that Ceres
has the expertise to produce integrated power systems for its target markets.'

A Ceres Power product fed by bottles of gas would be ideally suited to provide a
reliable, energy-efficient and silent supply of power for a range of
applications such as telecoms base stations, on construction sites, and various
leisure uses.

This is the latest in an important sequence of technical breakthroughs for the
Company. Over the past few months, the Company has also announced a four-fold
increase in both the size and power output of its fuel cell and has set a series
of global performance records within the fuel cell industry.

Unlike many fuel cell technologies that can operate only on pure hydrogen, Ceres
Power cells can also operate on a range of commercially available fuels, so they
are not dependent on the widespread development of a hydrogen economy.

Building on its multi-fuel capability and product engineering know-how, Ceres
Power has established a relationship with the industrial gases giant BOC that
targets off-grid applications using LPG.  The Company has also recently
announced an alliance with British Gas to develop a domestic boiler that will
produce heat and electricity using the existing natural gas supply.

Ceres Power Holdings plc
26 January 2006



      Ceres Power Holdings Plc ('Ceres', 'Ceres Power' or the 'Company')

            Ceres Power selected to help shape UK's energy future
        Founder member of the country's public-private energy alliance


AIM-quoted Ceres Power has been selected as the only fuel cell company in the
government's new Energy Research Partnership (ERP), launched yesterday.

Chancellor Gordon Brown set up the ERP so that private and public funders of
energy research can work together to identify a coherent national energy policy.
It is chaired by the government's Chief Scientist Sir David King and co-chaired
by E.ON Chief Executive Paul Golby.

Ceres will work closely with key energy companies including BP, Shell, E.ON, ITI
Energy, Scottish & Southern Electricity, BNFL, Alstom, Mitsui Babcock and
National Grid, as well as public sector organisations including DEFRA, the DTI
and the Carbon Trust.

The inclusion of Ceres reflects government interest in microgeneration projects
to produce energy in the home, rather than in power stations. This approach is
much more efficient, reducing valuable fossil fuel usage and carbon emissions,
and simultaneously slashing energy bills for consumers.

Ceres is working with British Gas to develop microgeneration products that run
off natural gas and other clean fuels. These produce hot water and heat like a
conventional domestic boiler, but also create enough electricity to run numerous
  home appliances.  Such 'combined heat and power (CHP)' systems extract maximum
energy from fuel, and directly address the UK's current energy debate.

Ceres Chief Executive Peter Bance, who will represent Ceres in the ERP, said: '
We are delighted that Ceres' leading status in commercialising fuel cell
technology has led to our inclusion in this important partnership. We see it as
a clear indication that fuel cell products running on natural gas are positioned
to make an early and exciting contribution to energy and environmental savings
and are seen as a major solution by both government and industry.'

The key objectives of the ERP are to identify policy drivers, regulatory
changes, emerging technologies and new R&D areas that could result in material
contributions to the UK's energy security, carbon emissions targets and
sustainable economic growth.

In April, the government is expected to launch its 'Microgeneration Strategy'
identifying home microgeneration as a major technology suited to mass market
up-take.


About Ceres Power

Ceres is a successful AIM-listed fuel cell business targeting a range of global
market applications including on-site/back-up generators, residential combined
heat and power, and auxiliary power units for transport.  Critically, the
technology uses low-cost materials and existing mass-production techniques. And
unlike many fuel cells, the Ceres cell can run on widely available fuels like
LPG, propane and natural gas as well as on hydrogen.

The company received major recognition for its green credentials when it became
the 2003 winner of the prestigious Carbon Trust Innovation Award.  More
recently, Ceres secured the industry's top accolade by winning the Institute of
Materials, Minerals and Mining's Gold Medal for 2005.

Since its formation in 2001, Ceres Power has raised over £25 million of funding
through two rounds of private equity and its AIM IPO in November 2004.  The
company has many blue chip City institutions as financial backers including
Fidelity, Morley, Cazenove, and Jupiter.

The £3,000 mini power station
By Sylvia Pfeifer (Filed: 12/03/2006)

The traditional household boiler could soon be a thing of the past. Ceres Power, the Aim-listed group, has successfully designed and tested a 1kW fuel cell stack that generates sufficient power for the average home.

Fuel cell technology is typically powered by hydrogen but the fuel cell stack developed by Ceres can also produce electricity and heat from natural gas. The boiler, which fits comfortably into the palm of a hand, uses "combined heat and power" technology. Unlike a conventional boiler that only produces heat, in Ceres's version a chemical reaction generates both heat and electricity. Any excess electricity can be sold to the national grid.

The technology is expected to cost the same as a conventional premium boiler - between £2,500 and £3,000. Executives at Ceres believe their technology could save between 30 and 40 per cent of total electricity costs in the home. It would also significantly cut down the emission of greenhouse gases.

"This is a key milestone for the business," said Peter Bance, Ceres's chief executive. "It's like the shift from mainframe computers to PCs. Electricity is no longer the realm of the big."

The boiler will initially be marketed to customers of British Gas, the subsidiary of Centrica, which last year signed a commercial development agreement with Ceres. According to Bance, Ceres has enough capacity to satisfy any early demand from customers.

Ceres Power Holdings plc
13 March 2006


                            Ceres Power Holdings plc
                    ('Ceres', 'Ceres Power' or the 'Company')
                                       
          Key Technical Milestone: Compact, Lightweight 1kW Fuel Cell


Ceres Power, the AIM-quoted fuel cell group, today announces that it has taken
a major step in commercialising its technology with the achievement of a
critical milestone.  The Company has successfully designed, built and tested
a 1kW fuel cell stack (the 'Ceres Stack') generating sufficient power for the
average home.

The production-engineered Ceres Stack is extremely compact, both smaller and
lighter than a typical car battery.  It is designed to be reliable, robust
and economical, lending itself to rapid mass market uptake.

The Ceres Stack is the fundamental building block of micropower generation
products aimed at a variety of consumer and commercial uses.  These include
combined heat and power (CHP) units in homes running off natural gas, in
addition to electrical generators using bottled gas fuels and auxiliary power
units for vehicles.

The Ceres Stack incorporates multiple engineering innovations to deliver
breakthrough savings in size, weight, component count and production cost,
whilst improving product performance.  The unique Ceres technology allows the
fuel cells to start up and shut down rapidly and repeatedly, withstand
mechanical shock and have very long lifetimes under realistic operating
conditions.

Ceres is working in a commercial development programme with Centrica plc
(trading as British Gas) to provide domestic CHP systems in the UK,
substantially reducing both energy bills and CO2 emissions.  Ceres CHP products
are designed to produce electricity and heat in the home from natural gas. 
British Gas estimates that 'this makes the technology immediately accessible by
14.5 million UK households'.

The UK Government has already identified micropower generation as a core
technology within national energy policy.  The Ceres Stack will enable fuel
cells to play a key role in the widespread uptake of micropower products.

Peter Bance, CEO of Ceres Power, comments:

'The successful delivery of a 1kW fuel cell lies at the heart of our plans to
bring product to market both via existing partnerships and new customers in the
UK and overseas.  As concerns grow over rising utility bills, security of energy
supply and how to meet environmental targets, the opportunity for Ceres to build
its business and create further value for shareholders has never been better.'