Ceres Power Holdings Plc (LON:CWR) has revealed a strategic partnership with leading technology and electricals firm Robert Bosch GmbH, which will include a £9mln investment from the German firm.
The companies have already been working together for several months through an initial agreement announced in January, however, Bosch was not named at the time for confidentiality reasons.
It adds to an impressive list of partnerships which includes tie-ups with firms such as Weichai Power, Nissan, Honda and Cummins.
WATCH: Ceres Power reveals strategic collaboration with leading tech firm Bosch
A newly signed collaboration agreement now formalises the strategic partnership and collaboration which promises to support the development of Ceres’s SteelCell technology and, potentially, enable the future scale-up and mass manufacturing of power units.
Ceres highlighted that the agreements set out “very significant” staged revenues through technology transfer, licensing and longer-term royalties. The initial value is seen around £20mln, by 2020.
Bosch is investing £9mln of capital into Ceres, subscribing for 5.97mln new Ceres shares at a price of 150.8p. It will give the German partner a 4.4% stake in the London-listed company.