Ceres Power Loss Widens, First Commercial Trial Mid-2010

Date : 03/25/2010 @ 6:00AM
Source : Dow Jones News
Stock : Ceres Power (CWR)
Quote : 148.24  0.0 (0.00%) @ 11:35AM
Ceres Power share price Chart

Ceres Power Loss Widens, First Commercial Trial Mid-2010

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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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