IP Group PLC Ceres Power announces £20m fundraising
July 04 2018 - 9:40AM
RNS Non-Regulatory
TIDMIPO
IP Group PLC
04 July 2018
FOR RELEASE ON 04 July 2018
IP Group plc - Portfolio company Ceres Power announces GBP20m
fundraising
IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the
developer of intellectual property-based businesses, is pleased to
note that its portfolio company Ceres Power Holdings plc ("Ceres"
or "Ceres Power" or "the Company") has completed a GBP20.0m
fundraising.
The fundraising was significantly over subscribed with several
material new investors participating in the placing. IP Group
committed a total of GBP4.0m to the placing and, following
completion, will hold a total of 284,063,394 shares in Ceres Power,
or 22.2% of the equity. The fundraising, priced at 15.08 pence per
share, is subject to the passing of certain resolutions at a
general meeting.
The fundraising is in addition to the announcement on 16 May of
a strategic collaboration with China's Weichai Power ("Weichai")
comprising both product development and launch as well as a
potential equity investment. The Weichai Subscription will raise a
further approximately GBP19.3 million (before expenses).
Ceres Power is a world leader in next generation fuel cell
technology with its low-cost Solid Oxide Fuel Cell (SOFC),
SteelCell(R). Currently, the Company's technology is being applied
by its partners in the development of distributed power and
automotive products that seek to reduce operating costs, lower CO2,
SOx and NOx emissions and improve energy security. Ceres Power is
raising new equity to enable it to continue to grow and
commercialise the SteelCell(R).
For more information, please contact:
IP Group plc www.ipgroupplc.com
+44 (0) 20 7444 0050
Alan Aubrey, Chief Executive Officer
Greg Smith, Chief Financial Officer +44 (0) 20 7444 0062/+44 (0)
Liz Vaughan-Adams, Communications 7979 853802
Charlotte Street Partners
Andrew Wilson +44 (0) 7810 636995
Martha Walsh +44 (0) 7876 245962
Notes for editors
About IP Group
IP Group is a leading intellectual property commercialisation
company which focuses on evolving great ideas, mainly from its
partner universities, into world-changing businesses. The Group has
pioneered a unique approach to developing these ideas and the
resulting businesses by providing access to business building
expertise, capital (through its 100%-owned FCA-authorised
subsidiaries IP Capital and Parkwalk Advisors), networks,
recruitment and business support. IP Group has a strong track
record of success and its portfolio comprises holdings in
early-stage to mature businesses across life sciences and
technology. IP Group is listed on the Main Market of the London
Stock Exchange under the code IPO.
Group holdings in portfolio companies reflect the undiluted
beneficial equity interest excluding debt, unless otherwise
explicitly stated.
For more information, please visit our website at
www.ipgroupplc.com.
ENDS
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END
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