London, April 27, 2026, 18:02 BST
Ceres Power Holdings shares extended their rally in London on Monday, rising 10% to 555.50 pence in morning trade and putting the clean- energy technology group at the top of the FTSE 250 risers. Alliance News said the stock was up 81% over the past month.
That matters now because investors are again paying up for companies tied to fast, on-site power for data centres, a market squeezed by slow grid connections and the energy needs of AI computing. Ceres was among the 10 most-traded shares on interactive investor’s platform in Monday’s morning session, with buy orders making up 49% of trades in the stock.
The move follows Ceres’ launch this month of Endura, a solid oxide platform for power and hydrogen. A solid oxide fuel cell makes electricity through a chemical reaction rather than by burning fuel, and Ceres says the system is aimed at data centres and other heavy-power users that cannot wait years for grid upgrades.
Ceres said Endura can be installed and commissioned in months, can run on natural gas today, and has a route to hydrogen and other lower-carbon fuels later. Chief Product Officer Nick Lawrence said the platform was “ready for scale and built to last.” Home
The company is trying to make that case directly to data-centre buyers. In a video released on April 21, Ceres described Endura stacks being scaled into 100-kilowatt modules, 500-kilowatt power systems and two-megawatt blocks for a representative 108-megawatt data-centre installation, with “five nines” availability, industry shorthand for roughly 99.999% uptime. Home
Ceres also has a commercial route through Centrica. The two companies said in March they would work on solid oxide fuel-cell systems for multi-gigawatt demand from commercial and industrial customers across the UK and Europe, including data centres and AI compute hubs. Centrica CEO Chris O’Shea said businesses need power “faster than the electricity grids can deliver,” while Ceres CEO Phil Caldwell said the technology was “modular and can be deployed faster.” Reuters
Ceres does not plan to build every system itself. It runs a licensing model, with partners including Doosan, Delta, Denso, Shell, Weichai and Thermax, and aims to earn royalties when those partners manufacture and sell products using its technology.
The financial proof is still early. Ceres reported 2025 revenue of 32.6 million pounds, down 37%, and cash and short-term investments of 83.3 million pounds; it also said it generated its first royalties and had about 45 million pounds of contracted 2026 group revenue before new business. Caldwell said the first scaled production had “unlocked Ceres’ first royalties.”
The competitive backdrop is moving fast. Bloom Energy, a U.S. solid oxide fuel-cell peer, said on April 13 that Oracle intended to procure up to 2.8 gigawatts of Bloom fuel-cell systems for AI and cloud infrastructure, with an initial 1.2 gigawatts contracted and deployment under way. That gives investors a larger listed benchmark for how data-centre demand can translate into orders.
The risk is that the share move runs ahead of execution. Ceres’ own filing said its forecasts were stress-tested for a slower intake of future licensee partners and the loss of significant future revenue; the group also reported an adjusted EBITDA loss, meaning a loss before interest, tax, depreciation and amortisation with certain items stripped out, of 32.5 million pounds for 2025.
For now, the market is rewarding the story. The next tests are less forgiving: new licence wins, partner-led manufacturing, and whether data-centre demand turns into recurring royalty income rather than another short rally in a volatile clean-energy stock.
