Grizzly Research: Ceres Power’s Revenue Is Tiny; Story Is Hype

Jacob Wolinsky

Published onDecember 12, 2025

Updated on December 12, 2025

Ceres Power Holdings plc (LSE:CWR) short report from Grizzly Research

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. We believe the company is hiding a flawed business model with abysmally small revenue potential behind a façade of big-name announcements and lofty projections.
Our research shows that Ceres has a history of ambitious partnerships and unrealistic projections that keeps repeating. Past partnerships with Bosch, Nissan or Honda were loudly announced but failed miserably. Past ambitious revenue projections were also quietly removed from investor presentations.
Based on our expert interviews as well as the company’s own past commentary, we found that revenue potential is only a...

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Jacob Wolinsky is the ex-Founder of Valuewalk.com (founded 2011, sold 2023). He is founder of HedgeFundAlpha (formerly ValueWalk Premium), a hedge fund focused intelligence service for institutional investors. Prior to founding Valuewalk, Jacob covered small caps, worked recruiting members for a large hedge fund community and freelance financial journalism. Jacob lives with his wife and five kids in Passaic Park NJ. - Email: jacob(at)hedgefundalpha.com. For confidential inquires email me for my Signal ID. Other methods of secure communication are also available. FD: Most of my portfolio is in I mostly purchase broad-based ETFs, mutual funds or individual bonds - I do this for performance reasons and to avoid any potential conflict of interest or occasional receipt of insider information. I will disclose if I have a stake in any company, but in general I have few stocks and I avoid any trading especially around topics I am covering.

Grizzly Research: Ceres Power’s Revenue Is Tiny; Story Is Hype

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