Ceres Power Loss Widens, First Commercial Trial Mid-2010
March 25 2010 - 06:00AM
Dow Jones News
Fuel cell company Ceres Power Holdings PLC (CWR.LN) Wednesday
reported a wider fiscal first-half loss and said it will begin
trials of its combined heat and power cells in people's homes in
mid-2010.
The company, which is developing a combined heat and power, or
CHP, fuel cell for homes in partnership with Centrica PLC's
(CNA.LN) British Gas unit and others, added government incentives
to encourage homeowners to use renewable power should help eventual
demand.
The company reported a pretax loss of GBP5.92 million for the
six months to Dec. 31, 2009, compared to a loss of GBP3.3 million a
year earlier. Revenue declined 39% to GBP295,000.
Ceres Power's revenue comes from a GBP2 million payment from
British Gas for completing initial testing of its fuel cell, which
it is recognizing over time based on costs incurred in the current
stages of testing.
Earnings were also weighed on by losses on government bonds and
lower interest payments on its cash balances, Ceres said.
Company Web site: www.cerespower.com
-By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272;
jason.douglas@dowjones.com
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