Hot energy
A month or so back, Centrica splashed out £20m for 10% of Ceres Power. Ceres is developing CHP (combined heat and power units) units for residential use.
Today Ceres announced its figures for the half year. Sales were up from £30,000 to £279,000. It does have one significant customer signed up - Centrica, since you ask - but otherwise that’s that.
As the world adapts to climate change, energy majors like Centrica need access to start-ups like Ceres, even at a price of 360x sales. And knowing how badly all those internet investments turned out the last time majors went shopping for new technology doesn’t make it any cheaper to play in the current energy boom.
