SOEC & SOFC collaboration - The agreement includes c.£43m of revenue to Ceres through technology transfer, development licence fees and engineering services, and half is expected to be recognised in FY24. Similar to its other licence partnerships, the agreement also includes royalty payments to Ceres dependent on future commercial production and sales. We also highlight potential for additional revenue from supplying stacks over the three-year development period. Collaboration plans include a technology introduction and factory construction that begins in 2024, with initial production expected by the end of 2026 and potential royalties thereafter. Delta plans to integrate Ceres’ leading stack technology with its own industry-leading technologies to develop fuel cell and electrolysis systems for hydrogen applications. Targeting customers globally across multiple sectors in chemicals, energy, transportation, steel and other industries, Delta specifically highlights the capability of SOFC in micro-grid applications and distributed power systems, such as data centres, semiconductor production lines, and advanced manufacturing where Delta operates. SOEC systems will also play a key role in the chemical, utilities, and steel industries as industrial processes begin to adopt green hydrogen to decarbonise. We highlight that our FY24E numbers already includes a new licence partner as well as China JV licence revenue (c.£30m). The Delta collaboration therefore demonstrates significant progress and a key milestone and endorsement of the SOEC business. We highlight the potential upside to our long-term forecasts from Delta royalties but await further details on Delta’s production capacity of the factory and strategy before adjusting numbers.