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Matthias Knab, Opalesque:

Ceres Power Holdings plc has long been positioned as a high-potential play on solid oxide fuel cell (SOFC) and solid oxide electrolyzer cell (SOEC) technology for distributed and low-carbon power. The UK company licenses its technology to industrial partners who are supposed to fund factories, win customers, and pay Ceres a stream of royalties. After years of promise but limited commercial traction, Ceres' share price surged again in 2025 on the back of announcements with Doosan Fuel Cell and Weichai. Now activist short seller Grizzly Research has released a detailed report arguing that the story is still fundamentally broken and that investors are being misled about the true profit potential of the model. :

For hedge funds, the report is not just about one mid-cap clean-tech name. It is a case study in how ambitious climate-tech narratives, complex licensing structures, and marquee partnership announcements can mask a much more constrained commercial reality. Below we summarise the key allegations and outline what institutional investors should watch if they are long, short, or simply benchmarking the broader decarbonisation theme.

The core allegation: a small revenue pie behind big headlines

Grizzly's central claim is that Ceres is promoting a multi decade, multi gigawatt opportunity, while the near- and medium-term revenue pool is tiny compared to what equity holders appear to be pricing in. The report......................

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