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  "documentTitle": "Ceres Power Holdings plc (CWR)",
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  "authorName": "Grizzly Research",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-12-11 00:00:00",
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  "notes": "Includes a screenshot of a Doosan investor presentation to support the claim of SOFC stagnation.",
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      "text": "If Doosan could not convert its most public SOFC MoU into actual SOFC orders with a long-standing partner like Samchully, this implies real-world customer reluctance, technology-readiness issues, or economic disadvantages for SOFC.",
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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": "Doosan Fuel Cell presentation screenshot",
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      "kind": "paragraph",
      "text": "“fuel-cell system supply” for by-product hydrogen plants, the type of projects historically dominated by Doosan’s PAFC systems. The absence of any SOFC reference in the final binding contracts strongly suggests that the earlier SOFC-focused MoU has been delayed, deprioritized, or effectively abandoned, with Samchully choosing proven PAFC systems for its commercial roll-out. If Doosan could not convert its most public SOFC MoU into actual SOFC orders with a long-standing partner like Samchully, this implies real-world customer reluctance, technology-readiness issues, or economic disadvantages for SOFC. For Ceres, this means one of the only SOFC commercial pathways has stalled, and the royalty pipeline expected from Doosan’s partner network remains thin to non-existent.",
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      "text": "Source: Doosan Fuel Cell’s Q3 2025 English Presentation",
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      "kind": "title",
      "text": "Ceres Power Fuels Investors’ Illusions With Misleading Promises",
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