Ceres Power: Berenberg sees growth prospects for Doosan partnership

Doosan

19/07/2019 15:45

** Shares of fuel cell technology developer Ceres Power
Holdings plc  CWR.L  rise 4.6% to 205 pence
    ** Berenberg raises target price to 290 pence from 230
pence, retains rating at "buy"
    ** Co on Monday signed an 8 mln pound licensing agreement
with Korean fuel cell manufacture Doosan Corp, a month after
launching a product with Japan's Miura  urn:newsml:reuters.com:*:nL4N24G1NF  urn:newsml:reuters.com:*:nL4N23R23H
    ** Analysts at Berenberg say in a note the deal with Doosan
has potential to become "materially higher" in value
    ** "There is potential that Doosan could also become one of
Ceres' manufacturing partners: if so, the value of this
partnership would be materially higher," the analysts add
    ** "These developments increase our confidence in the
commercialisation of Ceres' SteelCell technology and support our
view that it can grow to multiples of its current size over the
medium term," Berenberg says

 (Reporting by Justin George Varghese in Bengaluru)
 ((justin.varghese@thomsonreuters.com; Tel: +91 80 6749 3486;
Reuters Messaging:
justin.varghese.thomsonreuters.com@reuters.net))