Ceres Power shares supercharged by Delta hydrogen deal

LONDON, Jan 18 (Reuters) - Ceres Power CWR.L shares soared 51% on Thursday after the UK clean technology company said it had signed its first hydrogen licence with Taiwanese electronics manufacturing company Delta Electronics 2308.TW.

At 0848 GMT, Ceres Power shares were up 48.5%, on track for their biggest daily jump since 2012.

The agreement includes revenue of 43 million pounds ($54.57 million) to Ceres through technology transfer, development license fees, and engineering services.

In a note, Berenberg analysts retained their 'buy' rating on Ceres Power, which had a market value of around $370 million as of Wednesday's close, according to LSEG data, and reiterated the stock as one of their favoured names in the hydrogen sector.

"This is a very positive update from Ceres, in our view, demonstrating delivery from its pipeline of potential partners and also its first agreement related to the SOEC (solid oxide electrolyzer cell) technology," they wrote.

($1 = 0.7880 pounds)

(Reporting by Lucy Raitano; Editing by Amanda Cooper)


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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