The event Ceres hosted a CMD at its new manufacturing plant in Redhill, providing greater insight into the technology, manufacturing, marketplace and business strategy. Key staff managing technology, manufacturing and commercial business development presented, along with a representative from Bosch – a strategic partner and major shareholder. The macro Momentum in the fuel space is accelerating rapidly. This has been driven by the need to tackle air quality, climate change, balance renewables and improve energy efficiency. Ceres’ technology addresses all of these needs. The company cites US$1bn investment in 18 months by OEMs into companies with the desired technological IP (see Figure 1 overleaf). The plant The new plant provides a blueprint for future plant developments, demonstrating how the technology can be built at batch scale and contributing to the development of unique IP (see Figure 2 overleaf). The technology It has taken over 20 years to develop the technology that is today reaching a pivotal point in maturity with a supportive macroeconomic backdrop. The technology offers high efficiency and a route to zero emissions able to cross the energy transition from hydrocarbon fuel and pure hydrogen given its fuel flexibility. It can also be designed for pure hydrogen only. The business model The licensing business model enables major OEMs that are behind in their decarbonisation strategies and need to evolve a product to participate in the space. Ceres is able to work with an increasing number of partners in a range of applications suitable to deploy the technology. See Figure 5 on page 4. Our view The company is at the leading edge of the energy transition with technology that offers many major companies an attractive strategic solution. The team is mitigating risk and continuing to evolve the technology and its commercialisation.