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  "documentTitle": "Ceres Power Holdings plc (CWR)",
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      "text": "In conclusion we think that Ceres’ licensing business model is deeply flawed. The company essentially shifts all the risk to its licensees while relying entirely on them to commercialize a new product.",
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      "text": "For example, we found evidence that Doosan’s “mass production start” since July 2025 suffers a very slow take-off and interest in SOFC products, as Doosan Fuel Cell only currently secured a 9 MW supply contract with a related-party in September 2024. According to our research, this should at best generate $1.35 million in royalties for Ceres, a small prize for a 10+ year struggle to reach commercialization stage.",
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      "text": "We find since vanished projections from Ceres’ 2022 Annual Report to “reach multi GWs by 2030” ridiculous and frankly, misleading. As far back as 2017, the company touted that possible annual gross margin for Ceres’ licensing model was around $1 billion annually. 8 years later, the company still has not generated any significant royalties.",
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      "text": "We get a “déjà vu” impression about this situation, as Ceres has announced dozens of partnerships with global companies to commercialize a product with Ceres’ technology. The vast majority of these partnerships vanished without much communication from the company.",
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      "text": "Based on our research, we believe investors are misled by Ceres’ projections given the near-future prospects and the multiple past failures of Ceres partnerships.",
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      "text": "Ceres Power Holdings plc is a UK developer of solid oxide electrolyzer cell (SOEC) and solid oxide fuel cell (SOFC) technology for use in distributed power systems. Founded in 2001, it is headquartered in Horsham in the UK.",
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      "text": "Ceres Power’s stock price is up more than 200% since their partner Doosan Fuel Cell announced the start of its SOFC systems in their new 50MW factory using Ceres’ technology in July 2025. Since then, Ceres Power only signed a new manufacturing agreement with their long-standing partner and biggest shareholder WeiChai, with whom they failed multiple times to bring joint products to market since 2018.",
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      "text": "In conclusion we think that Ceres’ licensing business model is deeply flawed. The company essentially shifts all the risk to its licensees while relying entirely on them to commercialize a new product. The capital required to bring a product from the IP acquisition to a potential",
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      "text": "THE REPORT AND ALL STATEMENTS CONTAINED HEREIN ARE THE OPINIONS OF GRIZZLY RESEARCH...",
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      "text": "Ceres Power Fuels Investors’ Illusions With Misleading Promises",
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