In the 26-page report, Grizzly points to a long list of past partnerships - including with Bosch, Nissan and Honda - that were introduced with optimism but ultimately failed to deliver marketable products. It notes that earlier revenue projections and multi-gigawatt production ambitions have since disappeared from company presentations, while meaningful royalty income has yet to materialize.
Much of the spotlight is on Ceres' key partner, Doosan Fuel Cell. Doosan began mass-producing systems using Ceres' technology this year, a development that helped propel Ceres' stock higher. But according to Grizzly, the commercial ramp has been far slower than investors might assume. Doosan has secured only one 9 MW order so far, and that comes from a related party. The report estimates that royalties linked to this deal would amount to little more than $1.35 million - far below expectations for a decade-long push toward commercialization.
The report also reviews the newly signed manufacturing agreement with Weichai in China. While Ceres highlighted the deal as an important expansion, Grizzly notes that Weichai described it simply as "routine business," choosing not to issue a stock-exchange announcement.
Grizzly's broader criticism centres on Ceres' licensing-based model, which it argues places the technical and financial burden on partners while leaving Ceres dependent on their ability to commercialize products. The firm warns that this structure has repeatedly stalled progress and may limit future revenue.
Ceres has not yet responded publicly to the claims in the report.
