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  "documentTitle": "Ceres Power Holdings plc (CWR)",
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  "presentationDate": "2025-12-11 00:00:00",
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  "notes": "This is a research note from Grizzly Research criticizing Ceres Power (CWR).",
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      "text": "All these points reflect the complex and unfavorable situation that comes with Ceres' business model and technology: overreliance on uncontrollable facts, competing with traditional technology, burdening licensees with significant risk and competing in a small market with an unproven technology.",
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      "text": "THE REPORT AND ALL STATEMENTS CONTAINED HEREIN ARE THE OPINIONS OF GRIZZLY RESEARCH...",
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      "text": "And finally, most markets Ceres’ licensees are operating in are mostly subsidy-driven, following authorities/government directives. Therefore, not only is Ceres dependent on its licensees, but the licensees themselves are mostly dependent on their government directives.",
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      "text": "To add a few points on the SOEC licensees and prospects, it is very similar to the SOFC environment, but the risks are heavier for the licensees. Currently, Ceres has a few licensees and partners... estimated at less than $400 million globally in 2024.",
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      "text": "All these points reflect the complex and unfavorable situation that comes with Ceres’ business model and technology: overreliance on uncontrollable facts, competing with traditional technology, burdening licensees with significant risk and competing in a small market with an unproven technology.",
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      "text": "Another fundamental issue is the inherent competition coming from smaller addressable markets. We believe that Ceres, once it has signed a licensee in a given country, has very minimal chance to find another licensee in the same country...",
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      "kind": "title",
      "text": "Ceres Power Fuels Investors’ Illusions With Misleading Promises",
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      "text": "The SOEC Market Bears the Same Issues",
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