9th Jun 2026 19:52
(Alliance News) - Ceres Power Holdings PLC on Tuesday announced plans to raise around GBP100 million to strengthen its balance sheet.
The Horsham, England-based clean energy technology developer will raise funds through a placing, subscription by certain directors to raise GBP180,000 and a retail offer.
The price of the fundraise will be determined at the close of the bookbuild by agreement between the company and the joint bookrunners.
Proceeds will be used to establish the "right" balance sheet to drive growth and enable selective investment to support partner scale-up, at a time when there is accelerating momentum for solid oxide fuel cell technology.
Ceres Power said a strong net cash position underscores its role as a sustainable innovation partner.
"Financial resilience is critical for partners entering into long-term agreements," it said.
"Partners look for Ceres to maintain world-leading technology and continue investing in innovation and product development. This is very important when negotiating new licence agreements with future partners," the firm added.
Joh Berenberg, Gossler & Co KG London Branch and UBS AG London Branch are acting as joint global coordinators and joint bookrunners in connection with the placing.
Ceres Power said it consulted with a number of its shareholders prior to the fund raise to gauge their feedback as to the terms of and potential participation in the placing.
"The company's directors have concluded that the placing is in the best interests of shareholders and wider stakeholders and will promote the long-term success of the company and has therefore chosen to proceed with the placing."
Shares in Ceres Power closed down 6.2% at 609.50 pence each in London on Tuesday, ballooning from just 78.75p a year ago.
By Jeremy Cutler, Alliance News reporter
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