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Citi sees Ceres Power as part of the nascent green hydrogen revolution as it initiates coverage with a 'buy'

“Favourable policy could prove a boon to suppliers of electrolysers, fuel cells and renewables, although existing suppliers of fossil fuel equipment will need to adapt to a range of new fuel sources,” the American bank's analysts said

Ceres Power Holdings PLC -

Wall Street bank Citi is taking a bullish view on the nascent green hydrogen industry, saying it holds the key to “decarbonise harder to abate" industrial sectors.

“Favourable policy could prove a boon to suppliers of electrolysers, fuel cells and renewables, although existing suppliers of fossil fuel equipment will need to adapt to a range of new fuel sources,” its analysts said.

In parallel, the London arm of the American outfit has initiated coverage of Ceres Power PLC (LON:CWR) with a ‘buy’ recommendation.

Ceres, which at a share price of 524p is worth almost £1bn, is at the vanguard of the hydrogen revolution.

Its SteelCell technology overcomes two problems traditionally associated with other solid oxide fuel cells (SOFC): cost and lack of robustness.

SteelCell can use a variety of fuels - natural gas, hydrogen, biofuel - that can be manufactured from widely available materials, making it the most cost-effective solution on the market.

And it has an impressive roster of partners. Key among them are Chinese engines giant Weichai Power, German engineering firm Bosch, US engine maker Cummins and Japanese carmakers Nissan and Honda.

Coverage was also initiated on ITM Power PLC (LON:ITM), up 3.4% at 272p, which is part of a group providing green hydrogen production facilities and refuelling stations across Scotland.

Quick facts: Ceres Power Holdings PLC

Price: 776 GBX

LSE:CWR
Market: LSE
Market Cap: £1.33 billion
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