Ceres Power confirms talks with China's Weichai about further investment
Ceres Power confirmed on Monday that it is in discussions with China's Weichai Power about a potential further investment in the AIM-listed company.
Ceres Power Holdings
139.20p
17:05 25/04/24
FTSE AIM All-Share
753.12
16:50 25/04/24
Responding to recent media reports, the group said it is in talks with Weichai about acquiring an additional 10% stake, taking its total holding to 20% and about the creation of a manufacturing joint venture.
This follows the company's announcement back in May, in which it outlined the terms of a strategic collaboration between Ceres and Weichai which included a JV agreement, technology transfer and equity investment and the right to nominate a non-executive director to the board.
"Ceres confirms discussions with Weichai are on-going and a further statement will be made in due course," it said.
At 1540 GMT, the shares were up 7.1% to 174.58p.