logo-loader
EnergyRenewable Energy
viewCeres Power Holdings PLC

Ceres Power in talks with China state-backed Weichai Power about further investment

“Ceres confirms discussions with Weichai are ongoing and a further statement will be made in due course,” the company said.

Ceres Power
Ceres Power and Weichai Power agreed a strategic partnership in May

Ceres Power Holdings PLC (LON:CWR) has confirmed press reports that it is in talks with Chinese engines giant Weichai Power regarding a potential further investment in the AIM-listed company. 

The fuel cell technology firm said on Monday that it noted recent media reports that state-backed Weichai was looking to increase its stake in the business by a further 10% and to agree on a manufacturing joint venture.

“Ceres confirms discussions with Weichai are ongoing and a further statement will be made in due course,” the company said in a statement.

In May, Weichai took a 10% stake in Ceres for £17mln as part of a strategic partnership. The partnership includes an agreement to jointly develop and launch an SOFC fuel cell range extender system for China's electric-powered bus market.

READ: Ceres Power announces partnership with China’s Weichai Power and £17mln potential equity investment

For Ceres, the deal was expected to provide “significant staged revenues” through engineering services, a technology transfer as well as licence and royalty payments. At the time, Ceres said the two were also considering a manufacturing joint venture, from which it would receive a share of the profits.

“This is a key milestone for Ceres Power as we continue to deliver on our strategic plan of licensing our technology to a leading original equipment manufacturer, which if successful could lead to a high volume manufacturing joint venture for the Chinese market with a very strong partner,” chief executive Phil Caldwell said in the May announcement of partnership. 

Quick facts: Ceres Power Holdings PLC

Price: 211 GBX

LSE:CWR
Market: LSE
Market Cap: £323.1 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Ceres Power Holdings PLC named herein, including the promotion by the Company of Ceres Power Holdings PLC in any Content on the Site, the...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Ceres Power secures partnership with Chinese giant Weichai Power

Ceres Power Holdings PLC's (LON:CWR) Phil Caldwell tells Proactive the company has secured access to the  Chinese market through a partnership with Weichai Power, a Chinese engine manufacturer with a US$10bn market cap. He adds that Weichai also has a large market presence in...

on 25/5/18

2 min read