11th Nov 2021 14:57
Ceres Power Holdings PLC - Horsham, West Sussex-based solid oxide fuel cell developer - Signs joint development and equity agreements with long-duration energy storage company RFC Power Ltd. RFC is a university spin off from Imperial College London and is aiming to "develop the world's lowest cost flow battery", Ceres explains. The pact aims to accelerate RFC's technology. In exchange for lending it a hand, Ceres says it will receive an 8.4% stake in RFC.
"Ceres has the opportunity to assess RFC's technology in this period and if the technology proves compatible to Ceres' strategy, Ceres has a 12-month option to acquire the balance of the outstanding share capital in the company for up to GBP25 million. This comprises a 50% initial payment on exercise and a 50% deferred payment based on commercial success, both payable in Ceres shares," company adds.
London-based investor in intellectual property-based businesses IP Group PLC notes the announcement. It has just over a 33% stake in RFC.
Ceres current stock price: 1,142.00 pence, down 4.0% on Thursday
Year-to-date change: down 13%
By Eric Cunha; [email protected]
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