IP Group portfolio company Ceres Power has raised £20.0 million, before expenses, through a conditional placing with new and existing investors in the UK. Ceres is a leader in low cost, next generation fuel cell technology for use in distributed power products that have the potential to bring cheaper and cleaner energy to homes and businesses. IP Group committed a total of £6.6m to the placing and, following completion, will hold a total of 257,538,294 shares in Ceres, or 25.6% of the equity. The placing remains subject to the passing of certain resolutions at a general meeting, scheduled for 14 October.
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