Ceres Power Holdings (LSE:CWR) told investors that its licensee Doosan Fuel Cell has secured a contract worth approximately 108.7 billion Korean won, around £60 million, to supply solid oxide fuel cell (SOFC) stacks to Reverion GmbH.
The Horsham-based clean energy technology developer licenses its SOFC technology to Doosan, which manufactures the stacks under that agreement. The order will see Doosan supply SOFC components for power facilities in Germany and elsewhere in Europe, marking the South Korean firm's first export of the technology overseas.
Ceres does not manufacture the products itself, earning instead through licence fees and royalties tied to sales made by partners such as Doosan under its technology.
The company pointed to the business win as evidence of its licensing model translating into commercial orders in new geographies.
News Intelligence what this means for the company
Doosan Fuel Cell has won its first overseas export order—a £60m contract to supply SOFC stacks to German firm Reverion for European power facilities. For Ceres Power, the licensor, this validates its licensing-led commercialisation strategy: the company earns licence fees and royalties on partner sales without manufacturing itself, and this deal demonstrates the model can translate into material orders in new geographies beyond its existing partnerships.
The order shows Ceres's SOFC technology is winning commercial traction through its manufacturing partners in markets outside Asia. However, Ceres earns only licence fees and royalties on the £60m contract value—the actual revenue impact depends on the fee structure, which the story does not disclose.
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