Short Seller Grizzly Research Says UK's Ceres Power 'Hiding a Flawed Business Model'

06:35 AM EST, 12/11/2025 (MT Newswires) -- Short seller Grizzly Research on Thursday claimed that Ceres Power's (CWR.L) business model provides "misleading promises" to investors. "The announcements that catapulted Ceres' market cap by hundreds of millions GBP will likely turn out to yield only minuscule earnings as the stock fades away into obscurity," Grizzly wrote. "We believe the company is hiding a flawed business model with abysmally small revenue potential behind a façade of big-name announcements and lofty projections." The report also alleged that the British distributed power systems-focused developer of solid oxide electrolyzer cell and solid oxide fuel cell technology employs a strategy that has failed for over 10 years, with its reliability, maintenance and serviceability, market size and total dependence on licensees also cited as flaws. Ceres Power did not immediately respond to a request for comment from MT Newswires.