Major milestone for Ceres and its partnership with Doosan Fuel Cell as it begins mass production of fuel cell power systems. Doosan Fuel Cell will begin mass manufacturing the stacks and fuel cell power systems at its facility in Joellabulk-do, South Korea. The construction of the facility began in 2022 and its completion marks the world’s first Ceres metal supported solid oxide fuel cell and systems facility to come on-stream. The facility has the capacity to produce 50MW of electrical power each year. This is a significant milestone for Ceres, and its partnership with Doosan, as it is the first of its licensing partners to enter mass production using its technology. The first sale of Doosan's solid oxide fuel cell products is expected before the end of 2025 and will initially be marketed to customers in South Korea. The primary market focus will be on applications in stationary distributed power, which includes data centres where AI has driven in a spike in power demand, power systems for buildings, stabilisation of renewable-based power grids and microgrids through peak power production, and auxiliary power solutions for marine shipping markets. Overall, this milestone marks an important step, demonstrating the maturity of Ceres SOFC technology as Doosan becomes the mass producer of the stacks and fuel cell power systems. Due to the pressure that AI is placing on power systems globally, fuel cells are becoming increasingly important to help meet future power demands, develop energy resilience and decarbonisation. The shares trade on CY25E EV/Sales 2.2x.