Investors have gone cold on Aim-listed Ceres Power after increased half year losses and a delay in one of its product trials.
The company, which is developing fuel cell technology for use in small scale combined heat and power products such as household boilers, reported increased losses of £5.9m, up from £3.3m. It also said delays in agreeing manufacturing agreements meant commercial field trials for its beta CHP programme would not start until mid-2010. It still hopes to launch the boiler in the second half of 2011, but the timing is more tight than it was. Analysts at KBC Peel Hunt said:
We are not convinced that mass manufacture of a fully tested, final product beginning in the second half of 2011 for delivery to the open market is credible, given that the beta test has missed most of the 2009-10 heating season.
The company's shares are currently down 6.75p at 138.25p.
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