Operations: Commissioning of the Redhill continued into January, but was then was hampered by the Covid crisis that led to a slower ramp-up than anticipated as well as some delays in customer programmes. The full onsite team returned in early May and production reached a record in June. Bosch has also commenced manufacturing of Ceres SOFC technology in Germany. Business development: Ceres has been recruiting to support increased demand for its technology. Its partnerships are progressing despite some Covid-related delays such as the time line for the Weichai/Ceres JV. The company expects to sign a new customer partnership in the second half of the year that would be another milestone in demonstrating the role that the technology has to play for its partners to evolve with the energy transition. Ceres is also investing to increase output at Redhill from 2MW to 3MW during 2021. With an exceptionally strong balance sheet following investments from partners Weichai and Bosch earlier this year, Ceres is in a position to invest further in its technology and add value. Consequently, it plans to deploy £5m into using its solid oxide electrochemical technology for electrolysis, for example to generate hydrogen and synthetic fuels using electricity. The macro: We note a continued and ever more positive outlook driven by an accelerating decarbonisation agenda. Various countries are setting state targets for fuel cells and electrolysis usage, including China, South Korea and Europe. Major corporates continue to deploy meaningful resources to evolve their businesses for the macro by investing in adopting relevant technologies. Our View: Despite the challenges from Covid, Ceres has largely delivered to plan and is well positioned to develop new opportunities which we feel de-risks the business and justifies our upgraded TP. We make small changes to numbers and will update in due course for the y/e now moving to December.