Ceres Power Holdings is raising additional cash in order to finance a change of strategy for the exploitation of its fuel cell technology.
The company’s share price rose 53% to 3.02p, which values the existing share capital at £2.61m.
Ceres is raising £2.65m through a placing at 1p a share and a further £650,000 from a 49-for-65 open offer at the same share price. IP Group and ORA Capital Partners are supporting the fundraising and each one could end up with a 29.9% stake in Ceres depending on the open offer take up.
Instead of selling an end product Ceres intends to supply components to original equipment manufacturers. This would generate revenues from development licences, fees for services and royalties on product sales. Ceres will no longer develop complete m-CHP products.
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