Ceres unveils Centrica deal as looks to 2026 after weak 2025
Ceres Power Holdings PLC on Thursday said it will team with British Gas owner Centrica PLC to accelerate the development of solid oxide power solutions, as it released weaker 2025 results but hailed ‘strong operational momentum’ at the start of 2026.
Shares in clean energy technology developer Ceres were up 16% to 358.00 pence each on Thursday morning in London. It was the best-performing FTSE 250 stock.
Ceres said that through the collaboration, Centrica will be able to use its technology to offer customers high-efficiency and low-carbon power solutions to be used on site that are independent from the grid, circumventing connection delays, and much faster to be deployed than gas turbines or nuclear.
Solid oxide fuel cells convert fuel, including hydrogen, directly into electricity and heat through a ceramic electrolyte. Ceres plans to use solid oxide solutions on-site ‘to meet the multi-gigawatt demand from commercial and industrial customers across the UK and Europe’.
Centrica Chief Executive Chris O’Shea said: ‘By combining Ceres’ technology with our energy expertise, we see a real opportunity to support data centres, AI and industry with cleaner power at scale, while helping to ease pressure on the grid and boost economic growth.’
Horsham, England-based Ceres also released 2025 results, which showed a revenue drop and a wider loss.
Ceres reported total revenue fell 37% to £32.6 million in 2025 from £51.9 million in 2024.
Pretax loss was £46.3 million in 2025, widening from £25.8 million the year prior.
In December of last year, short-seller Grizzly Research reported the company had a ‘flawed business model’.
In February of last year, its deal with Bosch Gmbh in February and the Wurttenberg, Germany-based conglomerate divested its 17% stake in the company when it discontinued its decentralised power supply systems work.
Ceres also faced slower than expected uptake in the hydrogen business, with a mass manufacturing of its fuel cell stacks for a South Korean facility not occurring until July.
Looking ahead, Ceres said it has contracted group revenue for 2026 of about £45 million before any new business.
Chief Executive Officer Phil Caldwell said: ‘Without doubt, 2025 started as a challenging year for us following the Bosch announcement in February 2025 and a wider slowdown in hydrogen adoption. I am, however, very pleased with the manner in which we responded as a business.’
‘Although we are conscious of the uncertainties arising from the war ...we start 2026 with strong operational momentum. We have generated our first royalty revenues and are seeing growing demand across commercial and industrial power markets...We remain well positioned for electrolysis for green hydrogen as we anticipate industrial demand will accelerate as global decarbonisation policies mature towards the end of this decade.’
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