The Ceres Power capital raise completed in June 2026 has handed the FTSE 250 clean energy developer £103m to fund a more ambitious operational model, even as the company absorbs a widening net loss and a shrinking revenue base.
Shares in Ceres Power Holdings (LSE: CWR) have drawn fresh attention partly because two FTSE 100 peers set a high bar. Computacenter and Antofagasta gained 112.7% and 98% respectively over the past year, according to TradingView data. An £8,500 lump sum split equally between them last August would be worth roughly £17,455 today, a profit of £8,955, based on that average gain of 105.35%.
Those gains are now largely banked for existing holders. The question the market is turning to is whether Ceres Power can stage a comparable move from its current depressed level.
Inside the Ceres Power Capital Raise
The June 2026 fundraise issued 18 million new ordinary shares at 570.0 pence each, a discount of approximately 6.5% to the 609.5 pence closing price on 9 June 2026, according to the London Stock Exchange regulatory announcement.
Of those, 17.79 million shares were placed with institutional investors, raising approximately £101m. A further 180,000 shares were taken up by retail investors via RetailBook, with directors subscribing for 31,051 shares. Following admission, Ceres has 213.79 million shares in issue.
Yahoo Finance reported that part of the proceeds will fund a new facility supplying critical components to manufacturing partners, representing a step beyond Ceres Power’s traditional asset-light licensing model.
What the Numbers Say About the Outlook
The financial backdrop is difficult. Ceres Power reported a net loss of £47.5m for the year ended 31 December 2025, up from £28.3m a year earlier, and an adjusted EBITDA loss of £32.5m against £22.3m in 2024. Revenue fell 37% year on year to £32.6m, and the gross margin slipped to 70% from 77%, according to the company’s full-year results for the year ended 31 December 2025.
Cash and short-term investments ended the year at £83.3m (2024: £102.5m). The £103m placing therefore substantially restores the liquidity buffer ahead of a period of heavier capital deployment.
Research and development spending held steady at £48.6m for the year ended 31 December 2025. Cash outflow narrowed sharply to £19.2m from £37.5m in 2024, suggesting tighter cost discipline before the fresh capital arrived.
For 2026, Ceres has approximately £45m in contracted group revenue before new business wins, and is targeting cost reductions of 20%, per the same results announcement.
The Doosan Deal and Commercial Proof Points
The commercial anchor is a supply agreement between Doosan Fuel Cell and Reverion GmbH, covering phased delivery of solid oxide fuel cell (SOFC) stacks for facilities in Germany and Europe through the second half of 2027. Doosan values the contract at approximately 108.7 billion KRW, equivalent to around £60m, and describes it as its largest overseas export contract to date.
According to the Ceres Power newsroom, the agreement is also the largest export order for Ceres-derived SOFC technology on record. The contract represents 23.9% of Doosan Fuel Cell’s consolidated revenue as of end-2025.
Ceres also signed a new manufacturing licence with Weihai in China during 2025 and announced a strategic partnership with Centrica targeting data centres and industrial power in the UK. The company projects a 22 gigawatt market opportunity for its solid oxide technology by 2030.
Analyst Targets and Shareholder Signals
Broker views diverge considerably. Berenberg Bank holds a Buy rating with a 530 pence price target, while Jefferies carries a Buy with a target of 480 pence, according to Markets Insider. The original article cited a consensus target of around 886 pence, implying upside of roughly 105% from recent levels; that figure sits well above the Berenberg and Jefferies marks.
On the shareholder register, Bosch Group sold a 3.3% stake, comprising 6,394,765 ordinary shares, at £0.94 per share to a single institutional buyer in July 2025, according to Investing.com. Bosch’s holding fell from approximately 17.4% to approximately 14.1%, though it remains a material strategic investor.
The share price has fallen 60% over five years. The balance sheet carries £145.8m in total assets, £38.15m in liabilities, and just £2.41m in debt, leaving the company in a position to absorb further losses without immediate solvency pressure.
The June capital raise resets the cash position, but 2026 contracted revenue of £45m against an adjusted EBITDA loss run-rate of £32.5m leaves little room for execution slippage. The Doosan-Reverion delivery schedule, running through the second half of 2027, is the nearest concrete revenue milestone to watch.
