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  "documentTitle": "Ceres Power Holdings plc (CWR)",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-12-11 00:00:00",
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  "notes": "The slide uses a timeline to contrast the company's stated progress against the reality of their order book.",
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      "kind": "callout",
      "text": "The 107MW contracts Doosan won in 2025 are effectively 100% PAFC, with SOFC playing no commercial role.",
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      "kind": "disclaimer",
      "text": "THE REPORT AND ALL STATEMENTS CONTAINED HEREIN ARE THE OPINIONS OF GRIZZLY RESEARCH...",
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      "kind": "paragraph",
      "text": "demand, no confirmed third-party SOFC customers, and has only started delivering SOFC stacks to one related-party SPV “Hychangwon Fuell Cell Project” in November 2025, which provides no meaningful signal of market traction or future royalty volume.",
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      "text": "Doosan’s 2025 order-intake forecast shows zero secured SOFC MW (9MW order being from September 2024), all expected orders are CHPS and RPS programs (Korean government programs) that use their legacy PAFC fuel cells. The 107MW contracts Doosan won in 2025 are effectively 100% PAFC, with SOFC playing no commercial role.",
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      "text": "Source: Doosan Fuel Cell’s Q3 2025 Presentation",
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      "text": "Ceres Power Fuels Investors’ Illusions With Misleading Promises",
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