Ceres Power up as chatter grows around Doosan deal Proactive uses images sourced from Shutterstock
Shares in Ceres Power Holdings PLC (LSE:CWR, OTC:CPWHF), the Horsham-based developer of solid oxide fuel cell and electrolyser technology, jumped 15% to 765.8p on Friday in the absence of any formal announcement from the company.
Bulletin board chatter pointed to a reported price target upgrade from UBS to 970p as the catalyst, though the note could not be immediately verified (Proactive will update on this later).
If confirmed, it would mark the latest in a string of broker upgrades for the stock, following Goldman Sachs raising its target to 670p from 530p in late April, a move that triggered a 23% share price jump at the time.
Shares in Doosan Fuel Cell, the South Korean manufacturing licensee of Ceres’s technology, surged as much as 25% overnight, adding further momentum ahead of the London open.
Doosan’s stock has risen nearly 400% over the past year on the back of a $2.65 billion fuel cell order and the commencement of mass production of solid oxide fuel cell systems targeting the AI data centre market in July 2025.
Ceres operates an asset-light licensing model, earning fees and royalties from manufacturing partners including Doosan, Delta Electronics, Weichai Power and Denso.
The company has built significant commercial momentum in recent months, signing a strategic partnership with Centrica in March to accelerate deployment of multi-gigawatt on-site power solutions across the UK and Europe, targeting data centres, AI compute hubs and heavy industry.
That deal was followed in April by an infrastructure partnership between Centrica and Delta Electronics, Ceres’s Taiwanese licensee, to deliver off-grid solid oxide fuel cell power to data centres and energy-intensive industries.
Delta’s factory, with 200 megawatts of capacity, is due for completion by the end of this year, while Weichai is building what is expected to be the world’s largest solid oxide fuel cell manufacturing facility, with an estimated capacity of one gigawatt.
The shares have risen more than 970% over the past 12 months, recovering from lows below 60p hit after partner Bosch walked away from its collaboration in 2024.
Analyst consensus on the stock remains broadly positive, with Jefferies carrying a price target equivalent to 480p and Goldman Sachs at 670p, though the reported UBS target of 970p would represent a significant step up.