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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": "Includes a screenshot of a 2017 Ceres Power slide to highlight the discrepancy between past projections and current contract realities.",
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      "text": "Given that this is a “best-case” scenario given by the company 9 years ago, we assume that it is in reality lower than this.",
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      "kind": "disclaimer",
      "text": "THE REPORT AND ALL STATEMENTS CONTAINED HEREIN ARE THE OPINIONS OF GRIZZLY RESEARCH...",
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      "text": "gross margin: $1bn",
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      "text": "Applying standard industrial-technology royalty ranges of 2-5% to these values yields a royalty range of roughly $0.16m to $3.6m for a 9MW project.",
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      "kind": "paragraph",
      "text": "In April 2025, a MoU was signed between Doosan Fuel Cell and Samchully explicitly referenced SOFC deployment... But the current situation with Samchully reinforces the view that Ceres should not expect meaningful near-term SOFC royalties.",
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      "text": "Ceres Power Fuels Investors’ Illusions With Misleading Promises",
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