Horsham-based fuel cell and electrolysis firm Ceres Power (CWR) has had a torrid 2023, with its shares losing almost half their value after a series of disappointing trading updates.

The firm’s fuel cells are used for power generation and storage, while its electrolysis technology is used to produce ‘green’ hydrogen as part of the global energy transition.

In July, the firm cut its full-year revenue forecast by almost a third from £49 million to around £34 million due to delays in recognising payment from its Chinese joint ventures which were still pending sign-off and regulatory clearance.

In September, the firm reported pre-tax losses had widened after it increased its capital spending to scale up manufacturing in its existing fuel-cell business and develop its ‘game-changing’ electrolyser technology.

On 30 November the firm lowered its revenue forecast again to £20 million to £21 million, or less than half its original target for this year, after it became apparent licenses with new potential partners also wouldn’t be signed in time for the income to be registered by the year-end.

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