Ceres powers clean energy systems and fuels exceptional returns .
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At a glance
COMPANY
Ceres Power
SECTOR
Cleantech
Impact stories
COUNTRY
United Kingdom
WEBSITE
ceres.tech
Ceres is a leading developer of clean energy technology: fuel cells for power generation and electrolysers for green hydrogen.
Its licensing model has seen it establish partnerships with some of the world's most progressive companies, such as Bosch, Doosan, Shell and Weichai to develop clean energy systems and products at the scale and pace needed to address climate change for power generation, transportation, industry, and everyday living.
Idea.
Ceres was originally spun out of Imperial College London where Professor Brian Steele, one of the scientific pioneers behind the Li-ion battery, had been researching materials and methods for a robust and affordable fuel cell for clean power generation. The culmination of this work was the invention of a new fuel cell using a cerium oxide (also known as “ceria” and the origin of the Ceres name) solid state electrolyte supported on stainless steel. This ceria electrolyte, previously deemed too fragile to be practical, provided the required conductivity while the steel made the fuel cell robust. Professor Steele’s invention became the patented SteelCell with the unique steel-ceria combination being Ceres Power’s core IP.
Nurture.
IP Group got first got involved with Ceres Power after it became a listed company, helping rescue the business after a failed field trial by putting together a new strategy along with a £3.3m funding package. IP Group also took an active role in the management of the Company with Alan Aubrey, IP Group’s then CEO and Dr Robert Trezona sitting on the board as Chairman and Non-executive director respectively. Dr Trezona had previously worked at Ceres Power as a technical team leader and believed that the field trial result did not reflect any fundamental issue with its technology. Over the years, IP Group also helped recruit directors including Ceres’ current CEO and Chair. The Group also supported on subsequent funding rounds with IP Group leading on several investment rounds as well as introducing new shareholders.
'The growth we have achieved at Ceres was only possible due to the strong backing from IP Group, who believe in the long-term value of this business. IP Group has a philosophy of combining strong management teams with robust science and backing them with both funding and guidance on how to operate in the public markets. The Group’s patient capital approach has enabled Ceres to pursue a more ambitious growth plan than would have otherwise been possible. Their ability to attract strong co-investors has helped us secure the funding we need to realise our ambition to build a world-leading UK technology company.'
Phil Caldwell, CEO of Ceres Power.
Impact.
Ceres Power was worth just £1m when IP Group first became involved, increasing to c£1bn by the time that IP Group sold its holding during 2020. IP Group raised approximately £128m from the sale of its shares in Ceres Power – a return of seven times multiple and gross realised and unrealised IRR of c.48%.
IP Group is proud to have rescued and supported Ceres which, today, employs more than 500 people.