A Ni/Yttria‐stabilized zirconia (YSZ) cell with a (La0.60Sr0.40)0.95Co0.20Fe0.80O3–δ cathode is tested both in fuel cell and electrolysis modes. In fuel cell mode under dry air and wet H2, the cell is operated between the open circuit voltage (OCV) and 0.4 V and reaches 330 mW cm−2 at 850 °C for 157 mL min−1 H2 supply. The influence of temperature and air or hydrogen flow rate is studied, and impedance measurements show that below 0.8 V the electrolyte becomes the more resistive part of the cell. Nevertheless, fuel utilization yields are higher under oxygen or hydrogen depletion. If it is possible at 750 °C to work at low voltage during several hours in the entire voltage range, the voltage decrease must be limited at 850 °C. The cell can also be operated under wet air. The same cell can be operated in electrolysis mode, and a power density of 340 mW cm−2 can be obtained at 0.3 V/OCV under 100 mL min−1 wet (3% H2O) 5% H2–95% Ar mixture on the fuel side and dry or wet 100 mL min−1 air flow on the air side. Nevertheless, bubbling air providing the air electrode in saltwater has an irreversible detrimental effect on the cell.