Ceres Power joint venture delayed into next year

(Sharecast News) - Ceres Power announced a delay to its joint venture with Rboert Bosch and Weichai Power on Thursday.

The AIM-traded firm said its directors were informed on Wednesday evening that the negotiations would not conclude this year, and so approvals for the joint venture agreements had been postponed until 2023.

It said all parties remained committed to the deal, the structure of which had been agreed.

"There are several commercial items remaining which require more time to be finalised between the partners," the board said in its statement.

"Ceres will update the market further on progress as appropriate.

"Accordingly, this will delay Ceres' intention to seek a premium listing on the main market of the London Stock Exchange."

At 1319 GMT, shares in Ceres Power Holdings were down 3.61% at 350.1p.

Reporting by Josh White for Sharecast.com.