On Wednesday, shares in Ceres Power Holdings PLC (LON:CWR) fell sharply after the company pushed back the time frame for it to start seeing proceeds from its planned joint ventures (JVs) to manufacture fuel cells in China.

UK-based Ceres stated most of the £30M license fee revenue from the agreements with German engineering firm Bosch and diesel engine maker Weichai Power (OTC:WEICY) will now be recognised in early 2023. It was previously expected to factor in half of those fees in its results in the second half of this year.

All three groups are now anticipated to sign off on the JVs which would establish a third manufacturing site for Ceres’ oxide fuel cells in China in the fourth quarter. Ceres initially said the moves would be approved in July in the second half of 2022 in a trading update.

Consequently, the AIM-listed Ceres warned that full-year revenue would be lower than 2021. However, sales in the first six months of 2023 are estimated to be ‘significantly higher’ year on year.

Meanwhile, Ceres reported a pre-tax loss of £24.2M for the first half of 2022, widening a prior decline of £7.7M registered in the same period last year.