30 September 2021Ceres Power Holdings plcHalf-yearly results for the six months ended 30 June 2021COMMERCIAL PARTNERSHIPS DELIVER STRONG FIRST HALF GROWTHCeres Power Holdings plc (“Ceres Power”, “Ceres”, the “Company” or the “Group”) (AIM: CWR.L), a global leader in fuel celland electrochemical technology, announces its half-yearly results for the six months ended 30 June 2021.Financial highlights Revenue and other income up 96% to 17.4m (H1 2020: 8.9m), reflecting strong progress of commercialpartnerships Increased gross profit of 12.2m (H1 2020: 7.1m) at sector-leading gross margin of 72% (H1 2020: 79%) Successfully raised net proceeds of 179m in March through an equity fundraising of 17.1 million new ordinaryshares to support growth into electrolysis for green hydrogen and further SOFC applications. Weichai (20%) andBosch (18%) fully supportive of the fundraising and strategy Group had 263m of cash and investments at 30 June 2021 Order book* of 42.0m and pipeline* of 43.8m as at 30 June 2021Commercial highlights New joint development programme for a 30kW stationary power system with Weichai, increasing the commercialscope of the agreement alongside transportation Discussions progressing well with Weichai on the JV and wider strategic relationship. No further update at thistime First-of-a-kind solid oxide electrolyser (SOEC) 1MW-scale demonstrator to become operational in 2022. Strongcommercial interest and discussions now in progress with several commercial partners Bosch to invest 400m into its solid oxide fuel cell (SOFC) business between now and 2024. It plans to put up to100 small-scale stationary fuel cell power plants into operation this year AVL List strategic collaboration progressing well, with three early-stage projects and a strong pipeline Doosan signed a memorandum of understanding with the shipbuilding division of Hyundai Heavy Industries, todevelop a marine system based on Ceres' proprietary SOFC stack technologyCurrent Trading and Outlook On track to achieve revenue in line with consensus estimates of 31.5 million for the 12 months ending 30December 2021, subject to no significant constraints on our operations Doosan announced that it has completed development of its 10kW SOFC system using Ceres’ technology. Softcommercial launch is planned for 2022 Successful in two separate projects awarded UK grant funding as part of the Clean Maritime DemonstrationCompetition to explore the use of our technology in marine applications Caroline Hargrove joining the Executive team as Chief Technology Officer and Mark Selby appointed to a new roleas Chief Innovation Officer, both with effect from 25th October 2021 Plan to move up to the London Stock Exchange Main Market Premium Listing is on track for mid-2022Phil Caldwell, chief executive of Ceres commented: “We are pleased to report a strong performance for the Company inthe first half of 2021, including a notable increase in our revenues at sector-leading gross margins. The outlook for cleantechnology innovation and hydrogen remains strong, buoyed by growth in strategies, regulation and green investment. Ourpartners continue to announce significant developments in the scale and application of our technology and the high level ofinterest and early engagement around its use for electrolysis to produce green hydrogen is very promising.”*Order book refers to confirmed contracted revenue and other income while pipeline is contracted revenue and other income which management estimate is contingent upon optionsnot under the control of Ceres.

Financial Summary:Six monthsended30 June 2021Unaudited ’000Six monthsended30 June 2020Unaudited ’00018 monthsended 31December 2020Audited ’000Total revenue and other operating income, comprising:Licence feesEngineering services revenueProvision of technology hardwareOther operating incomeGross margin 479%32,98710,51910,86610,2971,30567%Adjusted EBITDA loss1 – SOFC2Adjusted EBITDA loss1 – SOEC2Adjusted EBITDA loss1 – total (2,305)(11,368)Operating 7,981(5,824)110,186Net cash used in operating activitiesNet cash and investments12Adjusted EBITDA loss is an alternative performance measure, as defined and reconciled to operating loss in the nonGAAP section at the end of this report.Following the Group’s decision to invest more heavily into solid oxide electrolysis cell (SOEC) technology, the separatedisclosure of SOEC Adjusted EBITDA in addition to the Group’s historical solid oxide fuel cell (SOFC) technology AdjustedEBITDA is considered to provide additional useful information to allow readers of the interim results to more fullyunderstand the Group’s performance. Adjusted EBITDA by segment is reconciled to operating loss in Note 3.Analyst presentationCeres Power Holdings plc will be hosting a live webcast for analysts and investors on 30 September 2021 at 09.30 BST. Toregister your interest in participating, please go to: ldingsplc/register-investorFor further information please visit or contact:Ceres Power Holdings plcElizabeth Skerritt 44(0)7932 023 283Investec Bank PLC (NOMAD & Joint Broker)Jeremy Ellis / Patrick Robb / Ben GriffithsTel: 44 (0)207 597 5970Berenberg (Joint Broker)Ben Wright / Mark WhitmoreTel: 44 (0) 203 207 7800Madano (Financial PR)Michael Evans / Hoda AwadTel: 44 (0) 20 7593 4000About Ceres PowerCeres is a world-leading developer of solid oxide electrochemical technology for applications in fuel cells and hydrogenthat enables its partners to deliver clean energy at scale and speed. Its asset-light, licensing model has seen it embed itstechnology in some of the world’s most progressive companies – such as Weichai in China, Bosch in Germany, Miura inJapan, and Doosan in South Korea – to develop systems and products that address climate change and air qualitychallenges for power generation, transportation and industrial applications. Ceres is listed on the AIM market of theLondon Stock Exchange (“LSE”) (AIM: CWR.L) and was awarded the Green Economy Mark by the LSE, which recogniseslisted companies that derive more than 50% of their revenues from the green economy.

Chief Executive’s StatementWe are pleased to report that Ceres has continued to develop at pace in the first half of 2021.Firstly, we have focused on building resilient operations, on delivering new and existing product initiatives andprogrammes and a solid set of financial results. Partner contracts converted to revenue during the period deliveredgrowth of 96% in revenue and other operating income up to 17.4 million (H1 2020: 8.9m). We have also investedstrongly in the business, expanding research, development, test and manufacturing capacity across our two sites.Secondly, the Board and management have expanded the Company’s strategy to ensure we continue to drive sustainabilityand innovation, enhancing the competitiveness and relevance of our technology across the clean energy market anddelivering future value for our shareholders.To support this strategy, we successfully raised a further net 179 million in March through an equity fundraise, which willprincipally be used to accelerate our investment in the development and potential commercialisation of our technology inelectrolysis to produce green hydrogen. It is a market predicted by McKinsey and the Hydrogen Council to be worth asmuch as US 2.5 trillion for hydrogen gas and electrolysis equipment to meet 2050 targets and we were pleased to securethe full support of our strategic investors, Bosch and Weichai Power, for our fundraise.With the UK due to host the COP26 climate talks in the coming weeks, the focus is squarely on the ambition of countriesfor decarbonisation and hydrogen technologies. Ceres aims to play a central role in the global energy transition toaffordable clean power, supported by our strategic partnerships with some of the world’s most progressive companies inthose markets leading the global charge on climate change.Commercial progress and partnershipsAs at 30 June 2021 our order book stood at 42.0 million and we had a further 43.8 million in the pipeline, being acombination of staged licensing payments and engineering services. The high proportion of licence fees continues tosupport healthy gross margins, which at 71.6% is consistent with the prior 18-month period and differentiated from ourpeers.BoschIn its annual update in March, Bosch published significant positive progress on its programme for SOFC development inpartnership with Ceres, reiterating its aim for a production capacity of approximately 200MW output per year by 2024.This is the culmination of over two years of work, with the Ceres team supporting technology transfer and initialmanufacturing under licence at Bosch’s site in Bamberg, Germany.Once scaled, production will be focused on series manufacturing of decentralised power plants, the equivalent of supplyingaround 400,000 people with household electricity. Bosch has stated that it will invest 400 million into its SOFC business,including manufacturing capacity, between now and 2024. It plans to put up to 100 small-scale fuel cell power stationsinto operation this year, which will generate electricity for data centres, industrial firms and residential neighbourhoods.In the period, Bosch also continued to support its corporate relationship with Ceres by maintaining its equity holding at18%, contributing an additional 38.7 million as part of the equity fundraise in in March 2021.DoosanIn September 2021, Doosan announced that it has completed the development of its 10kW SOFC system, the product of ajoint collaboration with Ceres signed in July 2019. Doosan is planning a soft commercial launch of the product in 2022. Thecombined heat and power (CHP) system, uses two of Ceres' 5kW SOFC stacks and has delivered 40% higher powergeneration efficiency when compared with Doosan's existing PEM based technology. The 10kW system for use incommercial and residential buildings is similar in size to existing 5kW SOFC products on the market in Korea, saving 50% oninstallation space and maintaining the equivalent power generation efficiency.In Korea, the fuel cell power generation market for commercial and residential properties is expanding because of acombination of zero-energy building certification, public institutions' mandatory renewable energy policies, and the localgovernments' mandatory private building renewable energy policy. Doosan estimates the compound annual growth rate inthe Korean market for stationary fuel cells is 24%. Doosan is expanding manufacturing capacity to meet market demandand is targeting 50MW annual capacity of Ceres SteelCell fuel cell stacks by 2024. We believe this could still increasefurther, given Doosan’s plans to develop utility-scale SOFC power stations and marine applications using Ceres’ technology.

In March, Doosan announced the signing of a memorandum of understanding with Korea Shipbuilding & OffshoreEngineering, a division of the world's largest shipbuilding company Hyundai Heavy Industries, for the joint development ofa megawatt class SOFC system for clean energy marine propulsion and power generation. The agreement continues theexpansion of Doosan's business into the marine market and reflects the growing interest in Ceres’ technology as adifferentiated solution to support the decarbonisation of the global shipping industry.WeichaiIn March, Weichai Power supported the Ceres equity fundraising investing a further 43.5 million to maintain itsshareholding in Ceres at 20%. Positive discussions are progressing on the wider strategic relationship including theestablishment of a joint venture in late 2021, to produce Ceres SteelCell SOFC systems.The pandemic has created challenges in remote working practices and so the commencement of a new programme for a30kW stationary power module is a welcome development, expanding the scope of our collaboration alongsidetransportation. We are making good progress with discussions and technology field trials and we will provide furtherupdates to the market in due course.AVL ListThe strategic collaboration with engineering consultancy AVL is progressing well. Formed at the end of 2020, thepartnership brings important strategic benefits combining AVL’s applications expertise and market presence with Ceres’ IPand systems know-how, enabling us to reach into more end-market applications than we could on our own.Ceres and AVL are working together on customer acquisition and to identify and exploit the growing interest in SOFCtechnology in new applications and regions. Three early-stage pieces of work have commenced, each in new and differentregions, covering both stationary and mobile applications and span a range of ratings up to 250kW. We also have a strongpipeline of future opportunities capitalising on AVL’s experience and expertise in large-scale marine and distributed powersystems.SOECWork is going well on our first-of-a-kind solid oxide electrolyser (SOEC) 1MW-scale demonstrator to be operational in 2022.Whilst still early days, we have already seen strong interest from commercial partners, seeking to unlock green hydrogenopportunities for close integration with industrial and energy generation processes. We are engaging with a number ofglobal majors across the oil and gas, industrial and clean energy sectors to demonstrate and commercialise our technology.Deployment of first commercial SOEC plants is expected from 2025. Ceres is targeting a levelised cost of hydrogenproduction at 1.50 per kilogram, which enables green hydrogen production to be competitive with blue fossil fuel basedhydrogen in time to meet a market projected to more than double in size every decade from 2030 to 2050. Importantly,access to royalty streams in SOEC will be additive and complementary to roya