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Ceres Power and Bosch announce collaboration with £9m equity investment boost

London-headquartered IP Group plc - a developer of intellectual property-based businesses - has announced that its portfolio company, Ceres Power Holdings plc, has collaborated with Robert Bosch.

The news also includes a £9m equity investment by Bosch into Ceres.

IP Group currently holds a direct undiluted beneficial stake of 22.4 per cent in Ceres, developer of the SteelCell, a ‘low-cost’ Solid Oxide Fuel Cell technology.

Alan Aubrey, chief executive of IP Group, said: “We’re delighted with the progress made by Ceres since we first invested in the company in 2012.

“The Ceres team has made excellent headway and the company is extremely well positioned in this growing market.”

This collaboration with Bosch will further develop Ceres’ technology, establish low-volume production at Bosch, and enable the future scale up and mass manufacture of the SteelCell for use in the likes of small power stations for cities and factories.

The agreements provide very significant staged revenues to Ceres through technology transfer and licensing and longer-term royalties on 5kW SteelCell® stacks, as well as initial engineering services.

The initial value to Ceres Power, by 2020, will be c. £20m, subject to performance criteria.

Earlier this month, Ceres signed a new partnership with Nissan to further develop fuel cell technology for EV applications, seeing Ceres and The Welding Institute awarded £8m of government funding through the Advanced Propulsion Centre for the project.

A collaboration soon followed with China’s Weichai Power comprising both product development, as well as an equity investment. Last month, Ceres also announced an oversubscribed £20m fundraising.

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