Ceres has entered into a significant license agreement with an undisclosed OEM based in the Asia-Pacific region for the production of solid oxide electrolysers (SOEC) technology used in hydrogen production. This global deal will enable the unnamed partner to manufacture SOEC equipment, providing Ceres with the necessary scale and resources for production. The agreement encompasses various revenue streams including license fees, engineering services, and hardware sales over an extended period. Additionally, royalties from the commercial deployment of SOEC equipment by the partner will contribute to Ceres' revised revenue guidance for 2024, which is expected to be between £50-60m. Ceres' CEO, Phil Caldwell, lauded the company's progress in commercialization and emphasized the pivotal role of partners and customers in propelling the adoption of SOEC technology on a large scale for decarbonization efforts globally. The company's focus on delivering top-notch technology and robust manufacturing capabilities is evident in previous collaborations like the one with Delta Electronics, showcasing Ceres' commitment to advancing clean energy solutions. Overall, the agreement signifies a strategic step for Ceres in expanding the reach of its SOEC technology and fostering partnerships to accelerate the energy transition towards sustainable practices.