Ceres Power, known for its SteelCell solid oxide fuel cell (SOFC) technology, achieved a breakthrough by enabling its SteelCell to generate hydrogen via electrolysis, a development that led to receiving the prestigious MacRobert Award. This achievement marked a significant move for the company, enhancing its commercial activities and attracting major partnerships globally. Ceres Power signed dual license agreements with companies like Delta Electronics, Denzel, and Thermax, expanding its reach into various markets. The company also collaborated with industry giants like Shell on hydrogen projects, showcasing its technological prowess. While facing challenges such as the departure of long-term partner Bosch from the SOFC technology space, Ceres managed to maintain its financial strength with a substantial order intake and positive revenue projections. By prioritizing hydrogen generation and optimizing its SOEC stack performance, Ceres Power is focusing on scaling up its technology to achieve significant impacts on the energy transition. The company's strategic roadmap includes developing a multi-megawatt modularized hydrogen production system in collaboration with AtkinsRéalis. This initiative aims to lay the foundation for constructing a 100MW+ electrolyser system in the future. Ceres is also exploring the viability of a 400MW ammonia plant using its SOEC 'Lego blocks', which could significantly reduce electrical consumption through waste heat utilization. Ceres Power's goal is to produce green hydrogen at a competitive cost by 2025, requiring a combination of scale and innovation. While the $1.5/kg target seems ambitious, the company is confident in the pathway to achieve it by 2030 through learning rates and scaled-up operations.