Ceres Power Holdings: Funds Secured For Next Phase Of Commercialisation
Edison | Sep 29, 2016 04:29AM ET
Ceres Power Holdings (LON:CWR) has announced that it is to raise £19.3m (net) through a placing at 8.75p/share. The funds are intended to take it through the next phase of commercialisation. Management’s target is to have five global engineering companies as customers in joint development agreements by the end of 2017 to achieve traction in multiple markets in the major regions across the world. Ceres intends to be in two commercial launch programmes by the end of 2018. The existing relationships with Cummins (NYSE:CMI), Honda Motor Company Ltd (NYSE:HMC) and Nissan Motor Co., Ltd. (T:7201) show that it is well on the path to achieving this. The placing is subject to shareholder approval at a general meeting to be held on 17 October, at which point we will update our estimates.
Since the last fund-raising in July 2014, Ceres has improved the electrical efficiency of the technology, beating its own targets of achieving 50%+ electrical efficiency for a combined heat and power (CHP) system and 56% efficiency in initial tests of a multi kW system. It has also improved power density by 40%, further enhancing cost effectiveness. These technical advances have enabled Ceres to extend its addressable market from residential CHP to power-only residential applications and deployment in data centres, commercial properties and as range extenders for electric vehicles, signing up global majors as partners.
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Ceres Power Holdings - Funds Secured For Next Phase Of Commercialisa
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