Ceres Power has been hailed as a stock market hero and bemoaned as an investors’ villain over its 22-year history. The green energy technology business, originally spun out of London’s Imperial College, was a one-time poster child for British tech. However, frustration over growth and delays in dealmaking in China have struck the shares more recently.
While hype over green hydrogen, plus very cheap capital, helped Ceres fly up to £15 in 2021, the stock has since crashed to about £3.30. Its numbers haven’t been great: Ceres isn’t yet profitable, and 2022 revenues fell £8 million to £22 million as gross margin slipped by three percentage points and cash fell from £250 million to £182 million.
Then the admission in September that a “milestone” manufacturing