Ceres Power Surges After UK Budget Announcement
Key Ideas
  • Shares of Ceres Power Holdings PLC soared by 8% following the Autumn Budget announcement in the UK.
  • The UK government allocated £3.9 billion for clean energy initiatives in 2025-26, including funding for 11 new green hydrogen projects.
  • Ondo InsurTech PLC ramped up production for its LeakBot devices in response to high demand, especially in the US market.
  • Despite positive aspects like a cut in alcohol duty, concerns were raised by the hospitality industry over increases in National Insurance Contributions and minimum wage.
The UK-based company, Ceres Power Holdings PLC, witnessed an 8% surge in its shares after the Chancellor's Autumn Budget announcement. The UK government pledged £3.9 billion for the clean energy sector, with a focus on green hydrogen projects. Additionally, support was confirmed for electrolytic hydrogen production contracts, with projects in Scotland and Wales. Ondo InsurTech PLC also responded to increased demand by expanding its production capacity for LeakBot devices. Despite some positive aspects in the Budget such as a reduction in alcohol duty and business rates relief, concerns were raised by the hospitality industry over the impact of increased National Insurance Contributions and minimum wage. This caused mixed reactions within the industry, with some companies like JD Wetherspoon PLC and Marston’s PLC seeing share price increases. However, the sector remains cautious about the overall impact of these changes on their businesses and consumer confidence.
ADVANCEH2

Our vision is to be the world's leading online platform for advancing the use of hydrogen as a critical piece needed to deliver net-zero initiatives and the promise of a clean H2 energy future.

© 2024 AdvanceH2, LLC. All rights reserved.