Funds secured for next phase of commercialisation
Ceres Power has announced that it is to raise £19.3m (net) through a placing at 8.75p/share. The funds are intended to take it through the next phase of commercialisation. Management’s target is to have five global engineering companies as customers in joint development agreements by the end of 2017 to achieve traction in multiple markets in the major regions across the world. Ceres intends to be in two commercial launch programmes by the end of 2018. The existing relationships with Cummins, Honda and Nissan show that it is well on the path to achieving this. The placing is subject to shareholder approval at a general meeting to be held on 14 October, at which point we will update our estimates.Ceres Power Holdings is a fuel cell technology and engineering company. Co. is working with partners to embed its SteelCell™ technology in mass-market energy products for the commercial, residential and transportation markets. SteelCell™ is Co.'s Solid Oxide Fuel Cell. SteelCell™ is a perforated sheet of steel with special screen-printed ceramic layers that electrochemically convert a variety of fuels directly into power. The principal activity of Co.'s subsidiary, Ceres Power Ltd is the commercialisation and continued development of Co.'s fuel cell technology.
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