Fuel cell technology developer Ceres Power says that it has made technological improvements in the past six months and the next phase of field trials should begin later this year.
Since his appointment in September, new chief executive David Pummell has restructured the business and focused on testing the combined heat and power boiler product that it plans to launch through British Gas in 2014. Reliability is also being improved.
Cell degradation performance of less than 1% per 1,000 hours has been achieved and an improved cell design has been subjected to stress tests. This provides more assurance that field trials will be successful later this year.
David Jackson has joined Ceres as product director and, in February, Ricardo Espinosa will join as engineering director.
There was still £24.7 million of cash in the bank at the end of June 2011, but this had fallen to £18.6 million by the end of the year.
The share price has fallen 86% in the past year. Just before Christmas, Ceres switched its nominated adviser and broker to Evolution.
Market: AIM
Symbol: CWR
Price: 10.75p
12-month high/low: 80.25p/7p
Market cap: £9.26 million
