REG - Ceres Power Holdings - Statement regarding Robert Bosch GmbH

Ceres Power HoldingsAnnouncement

20/02/2025 07:15

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250220:nRST7784Xa&default-theme=true

RNS Number : 7784X  Ceres Power Holdings plc  20 February 2025

CWR.L

 

20 February 2025

 

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED FOR THE PURPOSES OF
ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU NO. 596/2014), AS IT FORMS PART
OF THE UNITED KINGDOM DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018, AS AMENDED.

 

Ceres Power Holdings plc

("Ceres," the "Company")

 

 

Statement regarding Robert Bosch GmbH

 

Horsham, UK: Ceres Power Holdings plc (CWR.L) notes the media statement by
Robert Bosch GmbH ("Bosch") earlier today regarding a realignment of its
operations and investments in stationary fuel cell power technologies. The
result of this is that Bosch will discontinue its operations relating to the
industrialisation and preparation for production of decentralised power-supply
systems based on solid oxide fuel cells.

 

As a result of this broader revised strategic decision at the group level,
Bosch has informed Ceres that it will seek to end its partnership with Ceres
in an orderly way, while continuing to meet its contractual obligations.

 

Furthermore, as a result of this broader revised strategic decision at the
group level, Bosch has informed Ceres that it intends to divest its minority
holding of 17.44 per cent in an orderly manner. Uwe Glock, the Bosch
representative Non-executive Director on the Ceres Board, is stepping down
with immediate effect.

 

The impact of Bosch's decision does not change Ceres' consensus expectations
for the year ending 31(st) December 2025.

 

Phil Caldwell, CEO commented, "Whilst Ceres is disappointed that Bosch will
discontinue its operations relating to the industrialisation and preparation
for production of decentralised power-supply systems using Ceres' solid oxide
technology, we recognise that this decision is part of a broader revised
strategic direction from Bosch and does not reflect its confidence around
Ceres or our technology.

 

Over the last 12 months Ceres has expanded its ecosystem of global
manufacturing partners, as the business continues to license its best-in-class
technology. This is underpinned by our strong financial performance, and we
remain well positioned for the future."

 

 

The person responsible for arranging release of this information on behalf of
the Company is Stuart Paynter, Chief Financial Officer.

 

 Ceres Power Holdings plc     Tel: +44(0)7884 654 179

 Patrick Yau/Merryl Black     Email: investors@cerespower.com (mailto:investors@cerespower.com)

 MHP Group (PR Advisor)       Tel: +44 (0)7831 406117

 Reg Hoare                    Email: ceres@mhpgroup.com

 

About Ceres

Ceres is a leading developer of clean energy technology: electrolysis for the
production of green hydrogen and fuel cells for power generation. Its
asset-light, licensing model has seen it establish partnerships with some of
the world's largest companies, such as Doosan, Delta, Denso, Shell, Weichai
and Thermax. Ceres' solid oxide technology supports greater electrification of
our energy systems and produces green hydrogen at high efficiencies as a route
to decarbonise emissions-intensive industries such as steelmaking, ammonia and
future fuels. Ceres is listed on the London Stock Exchange ("LSE") (LSE: CWR)
and is classified by the LSE Green Economy Mark, which recognises listed
companies that derive more than 50% of their activity from the green economy.
Read more on our website www.ceres.tech (http://www.ceres.tech) or follow us
on LinkedIn (https://www.linkedin.com/company/ceres-power/) .

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  SPCGZGZZGGGGKZG