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Ceres Power Confirms Discussions With Weichai On Potential Investment

Mon, 3rd Dec 2018 13:22

LONDON (Alliance News) - Fuel cell technology firm Ceres Power Holdings PLC on Monday confirmed it is in talks for Weichai Power to make a further equity investment, buying an additional 10% stake in Ceres.

Weichai already owns 10% of Ceres, meaning the new investment would take its total stake to 20%.

Ceres said it issued the statement in response to "media commentary" regarding the potential investment and the creation of a manufacturing joint venture between the two companies.

Ceres is developing its SteelCell solid oxide fuel cell technology, while Hong Kong- and Shenzhen-listed Weichai is a major automobile and equipment manufacturing company in China.

Ceres shares were trading up 5.9% at 172.68 pence each.

By Elena Cherubini; elenacherubini@alliancenews.com

Copyright 2018 Alliance News Limited. All Rights Reserved.

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