Ceres Power : Presentation Final results for the 18 months ended 31 December 2020 – Presentation

PRELIMINARY RESULTS

For the 18 months ended 31 December 2020

18 March 2021

CLEAN ENERGY STARTS WITH CERES

Strategic partnerships go from strength-to-strength

Climate action remains number one global challenge. Intention to establish a leading position in the sector to capitalise on the substantial opportunities that exist for clean energy technologies

Progress on major contracts has driven an increase in revenue and other operating income to £33.0m (18 months ending Dec 2020). Asset-light licencing model continues to underpin sector-leading gross margins of 67%

Strategic partnerships strengthen further with good progress in commercial programmes and a number of key milestones reached in the period

All of this was made possible by the continued hard work and commitment of the Ceres team. We have continued to grow rapidly despite the impact of Covid-19

Successful £181m fundraising overnight enables growth into new area of SOEC and expansion of SOFC business backed by both Bosch and Weichai

£181m fundraising to significantly increase addressable market

SOFC: 25% of funds

• • Further growth opportunities in SOFC

• • Open up new markets in higher power applications and new market sectors

• • Aim to become the industry standard in SOFC in power and transportation

SOEC: 55% of funds

• • New growth opportunities in solid oxide electrolysis (SOEC)

• • Develop differentiated technology to access significant green hydrogen market for industrial applications

• • Total addressable market: US$0.6-1.1bn in future royalties

Weichai Power (20%) and Bosch (18%) supportive of fundraising and strategy, full participation Strong Institutional backing via ABB plus retail offering

Continuing growth of commercial partnerships

Jul 2019

Ceres and Doosan sign collaboration and licensing agreement for the Korean marketOct 2019

First product utilisinglaunched by Miura in Japan

Apr 2020

Weichai exercises its antidilution rights, investing an additional £11m to maintain its stake at 20%

Oct 2020

Doosan Fuel Cell acquires a licence to manufacture Ceres' proprietary SOFC stacks, announcing its intention to build a 50MW manufacturing facility by 2024

higher power systems and utility scale applications

Nov 2020

Strategic collaboration signed with AVL to accelerate systems licensing, providing global reach and increased demand for significant combined fuel cell system IP

201920202021

Sep 2019

Ceres and Weichai Power develop first range extender bus prototype

Jan 2020 Bosch increases its holding in Ceres to c.18%, extending the strategic relationship and raising £38m in new equity to broaden available markets

Mar 2020

Miura announces the establishment of a specialist maintenance team to support widerSOFC product in the Japanese marketSep 2020 30kW range extender system for electric buses moves into field trials

Nov 2020

Bosch collaboration with Ceres progresses to prep phase for mass production of SOFC systems, with an initial 200MW capacity due 2024