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: 392 GBX

Market: LSE
Market Cap: £603.48 m

Add related topics to MyProactive

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


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...



Full interview: Ceres Power eyes expansion following new Bosch deal

This month German engineering firm Bosch increased its stake in Ceres Power Holdings (LON:CWR) to around 18% from 4% following a share subscription, netting Ceres £38mln. It was Bosch that approached Ceres too, pinpointing Ceres steel fuel cell technology as potentially the best in the...

3 days, 21 hours ago

2 min read