Business
Ceres Power announces £20m fundraising
Ceres Power announces £20m fundraising.
About this update from Ip Group Plc
[{"type":"text","content":"\n \nRNS Number : 6210T IP Group PLC 04 July 2018 \n\n\n\n\nFOR RELEASE ON\n\n\n04 July 2018\n\n\n\n \n \nIP Group plc - Portfolio company Ceres Power announces £20m fundraising\n \nIP Group plc (LSE: IPO) (\"IP Group\" or \"the Group\"), the developer of intellectual property-based businesses, is pleased to note that its portfolio company Ceres Power Holdings plc (\"Ceres\" or \"Ceres Power\" or \"the Company\") has completed a £20.0m fundraising.\n \nThe fundraising was significantly over subscribed with several material new investors participating in the placing. IP Group committed a total of £4.0m to the placing and, following completion, will hold a total of 284,063,394 shares in Ceres Power, or 22.2% of the equity. The fundraising, priced at 15.08 pence per share, is subject to the passing of certain resolutions at a general meeting.\nThe fundraising is in addition to the announcement on 16 May of a strategic collaboration with China's Weichai Power (\"Weichai\") comprising both product development and launch as well as a potential equity investment. The Weichai Subscription will raise a further approximately £19.3 million (before expenses).\nCeres Power is a world leader in next generation fuel cell technology with its low-cost Solid Oxide Fuel Cell (SOFC), SteelCell®. Currently, the Company's technology is being applied by its partners in the development of distributed power and automotive products that seek to reduce operating costs, lower CO2, SOx and NOx emissions and improve energy security. Ceres Power is raising new equity to enable it to continue to grow and commercialise the SteelCell®.\nFor more information, please contact:\n \n\n\n\nIP Group plc\n\n\nwww.ipgroupplc.com\n\n\n\n\nAlan Aubrey, Chief Executive Officer\nGreg Smith, Chief Financial Officer\nLiz Vaughan-Adams, Communications \n\n\n+44 (0) 20 7444 0050\n\n+44 (0) 20 7444 0062/+44 (0) 7979 853802\n\n\n\n\nCharlotte Street Partners\n\n\n\n\n\n\n\nAndrew Wilson\n\n\n+44 (0) 7810 636995\n\n\n\n\nMartha Walsh\n\n\n+44 (0) 7876 245962\n\n\n\n \nNotes for editors\n \nAbout IP Group\n \nIP Group is a leading intellectual property commercialisation company which focuses on evolving great ideas, mainly from its partner universities, into world-changing...