Ceres Power, an energy technology company created over 20 years ago from research carried out at Imperial, made its debut last week on the Main Market of the London Stock Exchange. Previously listed on the Exchange’s Alternative Investment Market (AIM), the move is a significant milestone in the company’s development.
“It allows us to attract new pools of investment, particularly from international investors, who really value the full listing,” said Phil Caldwell, the company’s chief executive. “And because of our progress and our size, we should gain indexation onto the FTSE 250.”
The move is also a vote of confidence in London as a centre for deep-tech companies, at a time when there have been high-profile moves to New York and other markets.
“I believe it’s important for the UK economy to see more tech businesses listed in London,” said Mr Caldwell. “We are proud at Ceres to be a leading example of a UK-based technology driving the global effort to tackle climate change and achieve net zero.”
The company was founded in 2000 to develop fuel cell research carried out by Professor Nigel Brandon, now Dean of Imperial’s Faculty of Engineering, and Professors Brian Steele, John Kilner and Alan Atkinson in the Department of Materials.
“It’s really great to see the company moving forward in this way,” said Professor Brandon. “When we set the company up out of Imperial College over 20 years ago, we were very excited about the technology and its potential impact, but I really do not think any of us saw just how significant this could really be.”
Fuel cells consume substances such as natural gas or hydrogen in order to produce electricity, with low or zero carbon emissions depending on the fuel. They also produce zero particulate emissions, making them an inherently green energy technology.
Ceres Power uses advanced materials to build fuel cells that operate at moderate temperatures, generating electricity with high-efficiency and at low cost. This makes them accessible for a variety of applications, including transport, data centres, and combined heat and power systems for homes and businesses.
The same technology it uses to generate electricity can also be reversed, creating electrolysers that convert renewable energy into green hydrogen. This hydrogen can then be used as a fuel or to store the energy, buffering fluctuations in production from wind or solar power, for example.
The potential of this technology was recognised in June when Ceres Power was selected as one of three finalists for the 2023 MacRobert Award, the longest-running and most prestigious UK prize for engineering innovation.
“These Ceres technology electrolysers show the lowest conversion losses that I’ve come across,” said Professor Sir Richard Friend, chair of the MacRobert Award judges. “They are spectacularly efficient. That is a huge game changer for hydrogen generation.”