IP Group takes bigger chunk of Ceres after placing

Intellectual property-based business developer IP Group revised its holding in portfolio company Ceres Power Holdings on Thursday, after the latter raised a total of £20m before expenses by means of a conditional placing with new and existing investors in the UK.

The FTSE 250 firm described Ceres as 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.