Bosch £9 Million Equity Investment

RNS Number : 6323B

Ceres Power Holdings plc

24 September 2018

 

Ceres Power Holdings Plc

("Ceres Power" or the "Company")

Bosch £9 Million Equity Investment

Ceres Power Holdings plc (AIM: CWR) confirms that, further to the announcement on 21 August 2018, 5,973,660 new ordinary shares of 10 pence each ("Ordinary Shares") have been allotted to Robert Bosch GmbH at the then agreed subscription price of 150.8p and are expected to be admitted to trading on AIM on 25 September 2018. This investment totals £9.0 million and its holding will equate to approximately 4.4% of the expanded issued share capital. 

As a result of the Bosch equity investment, Weichai Power, under the provisions of the existing contract and in order to maintain its current holding level of 10% of the issued share capital, will invest a further £1 million to subscribe for an additional 663,740 Ordinary Shares at the same price. This additional Weichai subscription is due to complete in October 2018. 

These issuances will be satisfied using the current shareholder authorities approved at the last General Meeting. 

For further information, please contact:

Ceres Power Holdings plc Phil Caldwell, CEO		Tel: [phone]
Zeus Capital - Nominated Adviser and Broker Giles Balleny / Andrew Jones / Dom King		Tel: [phone]
Berenberg - Joint Broker Ben Wright / Mark Whitmore / Laure Fine		Tel: [phone]
Powerscourt Peter Ogden/Niall Walsh		Tel: [phone]

Notes to Editor:

About Ceres Power

Ceres Power is a world leader in low cost, next generation fuel cell technology for use in distributed power products that reduce operating costs, lower CO2, SOx and NOx emissions, increase efficiency and improve energy security. The Ceres Power unique patented SteelCell® technology generates power from widely available fuels at high efficiency and is manufactured using standard processing equipment and conventional materials such as steel, meaning that it can be mass produced at an affordable price for domestic and business use. Ceres Power offer its partners the opportunity to develop power systems and products using its unique SteelCell® technology and know-how, combined with the opportunity to supply the SteelCell® in volume through its manufacturing partners. For further information please visit: http://www.cerespower.com/

 

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