Statement regarding Weichai

RNS Number : 1969J

Ceres Power Holdings plc

03 December 2018

 

3 December 2018

CERES POWER STATEMENT REGARDING WEICHAI

Ceres Power notes recent media commentary over a potential further equity investment by Weichai Power ("Weichai") to acquire an additional 10% stake in the business, taking its total holding to 20% and the creation of a manufacturing JV.  This follows the announcement of 16 May 2018 in which Ceres outlined the terms of a strategic collaboration between Ceres and Weichai which included both a Joint Development Agreement (JDA), technology transfer and equity investment and the right to nominate a non-executive director to the Board.  Ceres confirms discussions with Weichai are on-going and a further statement will be made in due course.

For further information, please contact:

Ceres Power Holdings plc Richard Preston		Tel: [phone]
Zeus Capital (Nominated Adviser and Broker) Andrew Jones / Dom King		Tel: [phone]
Berenberg (Joint Broker) Ben Wright / Mark Whitmore / Laure Fine		Tel: [phone]
Powerscourt Peter Ogden/ Niall Walsh		Tel: [phone]

About Ceres Power

Ceres Power (http://www.cerespower.com/) 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 offers its partners the opportunity to develop power systems and products using its unique technology and know-how, combined with the opportunity to supply the SteelCell® in volume through manufacturing partners.

 

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