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RNS Number : 6244S Ceres Power Holdings plc 17 March 2021 [ 17 ] March 2021 Ceres Power Holdings plc Final Results for the 18 months ended 31 December 2020 STRATEGIC PARTNERSHIPS CONTINUE TO DELIVER COMMERCIAL GROWTH Ceres Power Holdings plc ( " Ceres Power " , " Ceres " , the " Company " or the " Group " ) ( AIM : CWR.L ) , a global leader in fuel cell and electrochemical technology , announces its final results for the 18 months ended 31 December 2020 . Financial highlights Strong progress on major contracts has driven an increase in revenue and other operating income to £ 33.0m for the 18 months ended 31 December 2020 ( 12 months ended 30 June 2019 : £ 16.4m ) On a comparable calendar year basis , revenue and other operating income for the 12 months ended 31 December 2020 ( CY2020 ) has increased 15 % to £ 21.9m ( 12 months ended 31 December 2019 ( CY2019 ) : £ 19.1m ) Increased gross profit of £ 21.3m for the 18 months ended 31 December 2020 ( 12 months ended 30 June 2019 : £ 11.5m ) at sector leading gross margin of 67 % ( 12 months ended 30 June 2019 : 75 % ) Increased equity investment by Bosch and Weichai , of £ 49m , supports strong cash and investments of £ 110m as at 31 December 2020 Order book * of £ 54.3m and strong pipeline * of £ 44.4m as at 31 December 2020 Operating highlights Doosan signed a manufacturing licence with a target annual production capacity of 50MW in 2024 and extended its systems partnership with Ceres to target higher power utility scale applications Bosch strengthened its partnership with Ceres having passed a key development milestone in December 2020. Now preparing to scale up to mass manufacture and targeting annual production capacity of 200MW in 2024 Weichai continues its bus trials employing Ceres ' SteelCell® due to complete in H1 2021 as a key step towards establishing a Joint Venture between Weichai and Ceres in China in mid - 2021 Strategic collaboration with engineering consultancy AVL List to accelerate OEM system licensing business Good progress with Miura's combined heat and power ( " CHP " ) system in the Japanese market R & D to investigate SteelCell® use as an electrolyser to produce green hydrogen has delivered positive results , triggering further investment in the technology 2MW advanced manufacturing pilot facility commissioned , built and running in Redhill , UK Post year end highlights Proposed equity fund raise of [ £ 180m ] announced today to finance opportunities to significantly increase the market for Ceres technology , both in fuel cells and in electrolysis , backed by major partners Weichai and Bosch Planning to move up to the London Stock Exchange Main Market Premium Listing by mid 2022 Covid - 19 The outbreak of Covid - 19 , coinciding with the commissioning of our new facility at Redhill , meant that some revenues were deferred from this reporting period . Nonetheless , Ceres successfully continued its operations and delivered revenue growth with good progress on our customer programmes and increased manufacturing output . Phil Caldwell , CEO of Ceres Power commented : " The urgency for climate action continues to drive the global demand for clean energy technologies , and our strategy of licensing to global partners , with a leading position in their products and markets , continues to be highly successful . Despite the disruption from Covid we have delivered a solid set of results , with continued revenue growth and sector leading margins . This is driven by good progress with our customer programmes and increased manufacturing output thanks to the hard work and commitment of the entire Ceres team . Ceres has established itself as world leader in solid oxide technology and with the recent fundraising we intend to capitalise on recent progress by accelerating our activity in key areas such as electrolysis for green hydrogen and expansion of our power systems business into new applications and markets to meet global demand for our technology to enable a net zero future .