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Ceres Power revenues rise

By BFN News | 07:42 AM | Tuesday 08 November, 2016

Ceres Power Holdings posts an operating loss of £12.7m for the year to the end of June - up from £11.7m last time. The group said its strategy for entering commercial partnerships is becoming a reality and this translated into revenue and other income of £1.7 million (2015: £0.9 million). Of this, £1.1 million was customer revenue (2015: £0.3 million) and £0.6 million was other income, primarily from government grants (2015: £0.5 million). £0.6 million of revenue was due to the release of deferred revenue as it demonstrated its prototype residential system at British Gas during the second half of the year. Chief executive Phil Caldwell said: "I'm delighted with our progress this year, having secured three new partnerships with world-leading customers operating in high growth markets. This puts Ceres Power in an excellent position for commercial growth in the year ahead as we develop these relationships further and add new partners for our SteelCell technology." Story provided by

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