Ceres Power is a compelling investment at current levels, believes broker Liberum, which likes the fuel cell business for its potential to disrupt incumbent alkaline and PEM competitors. According to the broker, Ceres is a "must-have" in any portfolio of energy transition investments given it has both fuel cell (power) and electrolyser (hydrogen production) exposure. AIM-listed Ceres' solid oxide technology is gaining greater commercial traction with world-class commercial partners. Its capital light licensing model delivers high margins and is highly scalable, but above all this, says Liberum. is the fact Ceres is just one year away from the major catalyst of first royalties from partners Bosch and Doosan. "Both will produce and ship fuel cells, at scale, under a Ceres licence," said the broker.