Ceres Power announces £20m fundraising
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FOR RELEASE ON |
04 July 2018 |
IP Group plc - Portfolio company Ceres Power announces £20m fundraising
IP 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.
The 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.
The 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).
Ceres 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®.
For more information, please contact:
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IP Group plc |
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Alan Aubrey, Chief Executive Officer |
+44 (0) 20 7444 0050 |
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Charlotte Street Partners |
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Andrew Wilson |
+44 (0) 7810 636995 |
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Martha Walsh |
+44 (0) 7876 245962 |
Notes for editors
About IP Group
IP Group is a leading intellectual property commercialisation company which focuses on evolving great ideas, mainly from its partner universities, into world-changing businesses. The Group has pioneered a unique approach to developing these ideas and the resulting businesses by providing access to business building expertise, capital (through its 100%-owned FCA-authorised subsidiaries IP Capital and Parkwalk Advisors), networks, recruitment and business support. IP Group has a strong track record of success and its portfolio comprises holdings in early-stage to mature businesses across life sciences and technology. IP Group is listed on the Main Market of the London Stock Exchange under the code IPO.
Group holdings in portfolio companies reflect the undiluted beneficial equity interest excluding debt, unless otherwise explicitly stated.
For more information, please visit our website at www.ipgroupplc.com.
ENDS
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