Expanding markets: Recent momentum suggests COP26 can be a catalyst for further climate co-operation. Adoption of low-carbon technologies should continue to accelerate given existing policy support. We see hydrogen playing a central role – initially in decarbonising hard-to-abate industries, and increasingly in further applications as the hydrogen economy builds out scale. H2 for the price of one: Ceres is an attractive way to gain exposure to the energy transition, in our view. We summarise the key attractions: (i) proven technology: higher efficiency, lower cost, and more readily-available materials, with dual decarbonisation applicability in fuel cells and electrolysis; (ii) global partnerships, aiding validation and driving commercialisation; (iii) a scalable model with high gross margin revenue growth from partner royalty streams; and (iv) a strong leadership team to capitalise on opportunities. Highlighting the opportunity: We see the value-creation opportunity today as twofold: (1) expanding the core SOFC offering as commercialisation progresses; and 2) developing the nascent SOEC offering to (a) decarbonise existing industrial demand with green hydrogen, and (b) expand use cases as hydrogen eco-systems build toward critical mass, triggering a virtuous cycle. Interims: 1H21 results are in-line and FY expectations are unchanged. SOFC commercialisation efforts continue to progress. The SOEC demonstrator remains on track for 2022 and Weichai JV discussions are progressing well. Estimate changes: We lift our near-term estimates, towards the consensus mid-point. (see table on page 4). Long-term assumptions are unchanged. Valuation: DCF-generated TP of 1720p (unchanged). We reiterate our Buy.