Ceres Power 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, Honda and Nissan 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 14 October, at which point we will update our estimates.
