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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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      "text": "Ceres’ royalty outlook from Doosan is objectively weak, and the evidence across disclosures, Korean filings, bid results, and Doosan’s own Q3 investor materials makes this increasingly clear that it will likely continue to stay.",
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      "text": "THE REPORT AND ALL STATEMENTS CONTAINED HEREIN ARE THE OPINIONS OF GRIZZLY RESEARCH...",
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      "text": "In July 2025, Doosan Fuel Cell announced that mass production of their stack cells had begun using Ceres' technology. This represents a significant milestone for Ceres as this is the first time, after more than a decade of consistent failures, that it finally reaches royalty revenue generation. This comes more than 6 years after Doosan and Ceres signed a collaboration and licensing agreement to develop SOFC power systems. The capacity of Doosan's new manufacturing facility is 50MW. However, our research shows that 4 months following that announcement that sent Ceres' stock price through the roof, Doosan only received a 9MW order from a related-party in September 2024. Worse yet, in their Q3 2025 presentation, Doosan clearly shows that it is not expecting any additional order for 2025, and that the volume of SOFC product sold should also remain similar in 2026, with very little traction. Korean medias pointed out the disappointing quarter that did not meet analysts' expectations.",
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      "kind": "paragraph",
      "text": "commercialization is enormous, while the TAM of both the SOFC and SOEC technologies are small, despite being relatively known technologies. We are afraid investors will find themselves once again sorely disappointed by the results exciting sounding partnerships will deliver.",
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      "kind": "title",
      "text": "Doosan Fuel Cell, the First Partner to Bring a Product to Mass Production in More Than a Decade Suffers Slow Take-Off",
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      "text": "Ceres Power Fuels Investors' Illusions With Misleading Promises",
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