A fresh wave of funding is powering the next steps for a clean energy innovator.
Horsham-based Ceres Power has raised £103 million through an oversubscribed share offer to support the commercialisation of its solid oxide technology platform.
The company will issue 18 million new shares at 570p each, representing a 6.5 per cent discount to the previous day’s closing price.
Of the total, 17.8 million shares were allocated to institutional investors, generating £101 million, while retail investors purchased 180,000 shares through the RetailBook platform.
Phil Caldwell, chief executive officer of Ceres Power Holdings PLC, said: "The new funds present a clear opportunity to capitalise on commercial momentum for Ceres technology and ensure we are well placed for the future."
Company directors also subscribed for 31,051 shares, with the new issue amounting to around 9.2 per cent of Ceres’ existing issued share capital before the fundraising.
The new shares are expected to begin trading on the London Stock Exchange on Friday.
Despite the successful raise, Ceres Power’s share price fell 4.7 per cent to 580.75p following the announcement.
The day also saw significant movements across the broader stock market.
In the FTSE 100, Metlen Energy & Metals gained 3.4 per cent to €41.91, Associated British Foods rose 2.6 per cent to 1,938.75p, and Tesco advanced two per cent to 464.80p.
Relx, however, declined by 2.4 per cent to 2,539p.
The FTSE 250 also saw positive momentum, with Energean climbing 3.5 per cent to 745.50p and Oxford Instruments gaining 2.8 per cent to 2,876p after a price target upgrade from Deutsche Bank Research.
Not all companies ended on a high note.
Workspace Group fell 3.3 per cent to 322.30p after reporting a pretax loss of £120.5 million for the year ended March 31, a sharp reversal from a £5.4 million profit the previous year.
The contrasting fortunes across the indices highlight changing investor sentiment as the market adapts to ongoing economic and sector-specific developments.
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