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Jobs at risk at Sussex clean energy company
More than 100 jobs are at risk at a clean energy company which is facing closure.
Ceres Power, based in Crawley and Horsham, has announced it has been unsuccessful in securing extra funding for the business.
It had £10.2million in cash at the end of June, but said at the time that it needed to raise more money by the end of September.
The firm, whose combined heat and power energy-efficient boiler has been repeatedly delayed, has now announced that it has failed to find new investors and could be wound down, putting up to 160 jobs at risk.
Shares in the company have plummeted from a high of 17.50p to 1.68p this year.
In a statement to the Stock Exchange, a spokesman for Ceres said: “The company will continue to explore all strategic options including a sale of the business, cancellation of the listing and, in the absence of any alternative proposals, commencement of an orderly wind down of the business.”
Henry Smith, Conservative MP for Crawley, said he was disappointed the firm had been unable to raise the investment.
He said: “I met recently with representatives from the Treasury and from the banks to encourage investment in the company because I think Ceres Power has innovative and interesting solutions.
“I’m sorry that they do not agree. That said, unemployment in the region continues to fall and this is a bump along the road to recovery.”
Wendy Bell, general manager at Sussex Enterprise, the county’s chamber of commerce, said: “It is disappointing to hear the announcement about the job losses at Ceres Power.
“Private sector companies are the lifeblood behind economic growth and are willing to create new jobs.
“Firms tell us they need access to capital so they can invest.
“Clearly, the government must implement more policies that |allow businesses to deliver growth, including the creation of a business bank.”
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