{ "docId": "019dd923-622c-750b-8b9b-08868f8ea0fc", "docSlug": "868e12a88c8c", "documentTitle": "Ceres Power Holdings plc (CWR)", "authorId": "62_Grizzly_Research", "authorName": "Grizzly Research", "documentKindSlug": "research-note", "documentKindLabel": "Research note", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2025-12-11 00:00:00", "orientation": "portrait", "aspectRatio": 0.77272725, "pageNumber": 18, "pageCount": 26, "prevPage": 17, "nextPage": 19, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a pattern of 'Company Name (Project Type):' followed by the initial promise and the subsequent failure to deliver.", "elementsJson": [ "headline_text", "paragraph" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9b-08868f8ea0fc/18", "deckHref": "/decks/019dd923-622c-750b-8b9b-08868f8ea0fc", "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-08868f8ea0fc.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-08868f8ea0fc#slide-18", "components": [ { "bbox": null, "kind": "callout", "text": "But like the other deals, the Nissan collaboration was all talk and no tangible result.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-70f9-71ae-a676-e07104e70f10", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.11, "w": 0.567, "x": 0.315, "y": 0.865 }, "kind": "disclaimer", "text": "THE REPORT AND ALL STATEMENTS CONTAINED HEREIN ARE THE OPINIONS OF GRIZZLY RESEARCH, AND ARE NOT STATEMENTS OF FACT. AS OF THE PUBLICATION DATE OF THIS REPORT, GRIZZLY RESEARCH (POSSIBLY ALONG WITH OR THROUGH OUR MEMBERS, PARTNERS, AFFILIATES, EMPLOYEES, AND/OR CONSULTANTS) ALONG WITH OUR CLIENTS AND/OR INVESTORS HAS A DIRECT OR INDIRECT SHORT POSITION IN THE STOCK (AND/OR OPTIONS, SWAPS, AND OTHER DERIVATIVES RELATED TO ONE OR MORE OF THESE SECURITIES) OF THE COMPANY COVERED HEREIN, AND THEREFORE STANDS TO REALIZE SIGNIFICANT GAINS IN THE EVENT THAT THE PRICE OF CERES’S STOCK DECLINES. THEREFORE, USE GRIZZLY RESEARCH’S RESEARCH AT YOUR OWN RISK. YOU SHOULD DO YOUR OWN RESEARCH AND DUE DILIGENCE BEFORE MAKING ANY INVESTMENT DECISION WITH RESPECT TO THE SECURITIES COVERED HEREIN. THE OPINIONS EXPRESSED IN THIS REPORT ARE NOT INVESTMENT ADVICE NOR SHOULD THEY BE CONSTRUED AS INVESTMENT ADVICE OR ANY RECOMMENDATION OF ANY KIND. FOLLOWING PUBLICATION OF THIS REPORT, WE MAY CONTINUE TRANSACTING IN THE SECURITIES COVERED THEREIN, AND WE MAY BE LONG, SHORT, OR NEUTRAL AT ANY TIME HEREAFTER REGARDLESS OF OUR INITIAL OPINION. © 2025 GRIZZLY RESEARCH LLC. ALL RIGHTS RESERVED.", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f6c2f18f-ead1-4a36-8a56-897066f37013", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.764, "x": 0.118, "y": 0.215 }, "kind": "paragraph", "text": "Cummins (Data Centers): In September 2016, Ceres partnered with U.S. engine giant Cummins on a project to power data centers with fuel cells. Backed by nearly $5 million in funding from the U.S. Department of Energy, the collaboration aimed to develop a novel 5 kW solid oxide fuel cell system for high-efficiency, distributed power, to serve as backup or primary power for data centers. Ceres boasted that its “SteelCell” technology could revolutionize data center energy use, potentially cutting overall costs by more than 20% and reducing carbon emissions by roughly 49% if implemented at scale. CEO Phil Caldwell called it “a very exciting opportunity” to work with Cummins and the DOE on this application. Yet despite the fanfare, this partnership delivered nothing beyond a government-funded demonstration. No commercial product was ever announced as a result of the Cummins tie-up, and Cummins never integrated Ceres’s fuel cells into its data center power offerings.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5a63dba4-e997-46fb-89d4-51764ad46a7c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.764, "x": 0.118, "y": 0.705 }, "kind": "paragraph", "text": "Honda (Joint Development Agreement): Ceres’s alliance with Honda followed a similar trajectory. In January 2016, Ceres signed a new two-year joint development agreement with Honda R&D Co. to jointly develop solid oxide fuel cell stacks using the “SteelCell” technology. Ceres touted the contract as a “deepening of the relationship” with Honda that even brought in a third-party manufacturer to evaluate future mass production scale-up of the “SteelCell” technology. The idea was that Honda’s continued involvement, building on an initial 2014 collaboration, could eventually lead to mass-produced fuel cell units for Honda’s product lines. At least, that was the hopeful projection. In reality, nothing of the sort materialized. The two-year Honda project came and went", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c4fc7d48-60df-49d9-954b-a42dc1d26aeb", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.22, "w": 0.764, "x": 0.118, "y": 0.475 }, "kind": "paragraph", "text": "Nissan (EV Range Extenders): Around the same time, Ceres publicized a partnership with Nissan to develop fuel-cell range extenders for electric vehicles. In June 2016, Ceres announced it had “finalized all agreements” with Nissan Motor Manufacturing UK as part of an “Innovate UK-funded consortium” to develop an on-board solid oxide fuel cell stack for extending electric vehicle range. The company pitched this as a breakthrough to “significantly accelerate the take up of electric vehicles,” using Ceres’ “SteelCell” to enable longer-range, quick-refueling EVs while cutting emissions. But like the other deals, the Nissan collaboration was all talk and no tangible result. It was effectively a government-sponsored prototype effort, and once the initial demonstration was done, there was no indication that Nissan pursued the technology further. The venture did not yield any commercial EV product or follow-on contract with Nissan.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c689a13e-003d-493a-931e-349695d3734b", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "CEO Phil Caldwell called it “a very exciting opportunity” to work with Cummins and the DOE on this application.", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-70f9-71ae-a676-e6532d7bcf9b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.065, "w": 0.764, "x": 0.118, "y": 0.125 }, "kind": "title", "text": "Ceres Power Fuels Investors’ Illusions With Misleading Promises", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "61082a58-8992-49fb-8cab-b5ff3b54f612", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [ { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "agent": null, "layer": "slide", "matchId": "1cba8f13-2dac-48eb-9d79-73efc4c40ffa", "evidence": "CEO Phil Caldwell called it “a very exciting opportunity” to work with Cummins and the DOE on this application.", "confidence": 0.7 } ], "frameworks": [ { "name": "expose_contradiction", "slug": null, "matchId": "34a59f20-c090-441d-a4f3-3afe250fbdb3", "evidence": "The slide systematically contrasts public company claims with the lack of commercial outcomes.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }