18th Mar 2021 14:27
(Alliance News) - Ceres Power Holdings PLC on Thursday said it raised GBP181 million gross in a share placing and subscription to accelerate its investment in the development and potential commercialisation of its solid-oxide electrolysis technology.
The Horsham, West Sussex-based solid oxide fuel cell developer said the placing was for 8.9 million shares at a price of GBP10.60 per share.
Additionally, Robert Bosch GmbH subscribed for 3.6 million shares, Ceres Power directors subscribed for a total of 24,376 shares, and Weichai Power Hong Kong International Development Co Ltd conditionally subscribed for 4.1 million shares.
Investec Bank plc and Joh Berenberg, Gossler & Co. KG acted as joint global co-ordinators and joint bookrunners in relation to the placing.
Ceres said on Thursday that it intends to explore a move to the London Stock Exchange's Main Market by mid-2022.
"We are on the way to establishing our fuel cells as an industry standard, supporting our manufacturing partners as they scale up to initial mass market launches in 2024. Raising additional funds now allows us to develop our business into new market sectors from the same technology base and with the same high margin licensing model as our power system activities," said Chief Executive Phil Caldwell on Thursday.
In addition, Ceres said on Thursday that strategic partner Doosan Fuel Cell Co Ltd, has signed a memorandum of understanding with Korea Shipbuilding & Offshore Engineering, a shipbuilding division of Hyundai Heavy Industries.
The company said the agreement is to jointly develop a solid oxide fuel cell system that provides cleaner power for ships. Doosan will use Ceres's proprietary solid oxide fuel cell stack technology to design and manufacture the system, and Korea Shipbuilding will design the fuel cell arrangements specific to the marine environment and develop ship-linked system control technology.
On Wednesday, Ceres, which had changed year-end date to December 31 from June 30, reported a pretax loss for the 18 months to December 31, 2020 of GBP17.3 million, widened from GBP7.3 million for the 12 months ended June 30, 2019. Revenue increased to GBP31.7 million from GBP15.3 million, with the company citing a "strong" commercial progress that drove the growth.
Shares in Ceres were up 5.8% at 1,168.00 pence in London on Thursday.
By Zoe Wickens; [email protected]
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