RCS - IP Group PLC - Ceres Power announces £20m fundraising

IPAnnouncement

04/07/2018 14:45

RNS Number : 6210T
IP Group PLC
04 July 2018
 





FOR RELEASE ON


04 July 2018



 
 
IP Group plc - Portfolio company Ceres Power announces £20m 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 £20.0m fundraising.
 
The fundraising was significantly over subscribed with several material new investors participating in the placing. IP Group committed a total of £4.0m 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 £19.3 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®. 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®.
For more information, please contact:
 



IP Group plc


www.ipgroupplc.com




Alan Aubrey, Chief Executive Officer

Greg Smith, Chief Financial Officer

Liz Vaughan-Adams, Communications           


+44 (0) 20 7444 0050



+44 (0) 20 7444 0062/+44 (0) 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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