Shares of Ceres Power surged 13.7% to £479.20 after its South Korean partner Doosan Fuel Cell signed a landmark supply deal with Germany's Reverion GmbH. The contract, worth approximately 108.7 billion Korean won (£60 million), covers the supply of solid oxide fuel cell stacks to power facilities in Germany and Europe. For a company that doesn't make fuel cells itself, the size of the market reaction tells you something important: investors are finally seeing real commercial pull for Ceres's technology — not just laboratory promise.
• The Biggest Export Deal Yet Proves Overseas Demand Is Real
The contract is equivalent to 23.9% of Doosan Fuel Cell's consolidated revenue at the end of 2025 — a transformational order for the Korean manufacturer. It is Doosan's first contract to export SOFC technology overseas.
Stacks will be delivered sequentially through the second half of 2027 , giving Ceres a visible royalty runway over the next 18 months. For a stock that often trades on hopes, a concrete delivery schedule matters.
• Ceres Doesn't Build Anything — That's the Point
Ceres operates an asset-light, licensing-led model, partnering with industrial players including Doosan, Delta, Denso, Shell, Weichai, and Thermax. It earns fees when partners sign up, charges for technical support, and — crucially — collects royalties on each kilowatt manufactured, meaning at scale, nearly all incremental revenue converts to profit.
Ceres only booked its first royalty income from Doosan in March 2026 , so this deal tests whether early trickles become meaningful streams.
• £45 Million Base Revenue Just Got a Boost — But Profitability Is Still Distant
Management entered 2026 with roughly £45 million of contracted revenue , and fiscal 2025 revenue fell 37% to £32.6 million. Today's deal adds royalty upside, but the share price now implies significant future licensing wins beyond Doosan. Delta Electronics is building megawatt-scale SOFC systems for AI data centres with production starting late 2026 , a potential second catalyst investors are watching.
• Reverion's Use Case Opens a High-Growth End Market
Reverion's system generates electricity, methane, or hydrogen at up to 80% electrical efficiency while integrating carbon capture, serving biogas, utilities, data centres, and long-duration energy storage. That breadth signals Ceres-licensed stacks could penetrate multiple sectors, not just one niche — but each new application must still prove commercial viability at scale.