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LONDON - Weichai Power has signed a manufacturing license agreement to produce Ceres Power Holdings' solid oxide fuel cell (SOFC) technology, according to a press release statement issued Wednesday.
The agreement allows Weichai, a Chinese state-owned power systems developer, to establish a manufacturing facility for cells and stacks targeting stationary power markets, including AI data centers, commercial buildings, and industrial applications.
This deal builds upon the existing commercial relationship between the two companies and expands Ceres' global manufacturing partner portfolio to four. The agreement supersedes previous arrangements between the firms.
Under the terms of the agreement, Weichai will manufacture cells and stacks for their stationary power systems while receiving key components supplied by Ceres. The license includes fees, milestones, and royalties consistent with Ceres' previous manufacturing licensing agreements.
Due to the timing of the agreement, revenue recognition for the license fees will likely be recorded in fiscal year 2026, with 2025 Group revenues remaining as previously guided.
Ceres Power Holdings (LSE:CWR) is a developer of clean energy technology, specializing in fuel cells for power generation and electrolysers for green hydrogen production. The company employs an asset-light licensing model.
Weichai Power, headquartered in Shandong, China, is a global original equipment manufacturer with over 100,000 employees worldwide and sales exceeding $30 billion in 2024. The company's main business covers powertrain systems, commercial vehicles, and agricultural equipment.
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