IN BRIEF: Ceres Power shares drop 35% as Robert Bosch ends partnership
Ceres Power Holdings PLC - Horsham, England-based clean energy technology developer - Germany’s Robert Bosch GmbH plans to discontinue some work in the solid oxide fuel cells space and exit its minority holding in Ceres Power. Bosch’s move is due to a ‘broader revised strategic decision’ at group level, Ceres says. ‘The result of this is that Bosch will discontinue its operations relating to the industrialisation and preparation for production of decentralised power-supply systems based on solid oxide fuel cells,’ it says. ‘Bosch has informed Ceres that it will seek to end its partnership with Ceres in an orderly way, while continuing to meet its contractual obligations.’
Bosch plans to sell its 17.4% stake in Ceres ‘in an orderly manner’. Uwe Glock, the Bosch representative on the Ceres board is stepping down immediately. The Bosch withdrawal does not change Ceres’ consensus expectations for 2025, Ceres says. CEO Phil Caldwell adds: ‘Whilst Ceres is disappointed that Bosch will discontinue its operations relating to the industrialisation and preparation for production of decentralised power-supply systems using Ceres’ solid oxide technology, we recognise that this decision is part of a broader revised strategic direction from Bosch and does not reflect its confidence around Ceres or our technology.’
Current stock price: 84.15 pence, down 36% in London on Thursday
12-month change: down 46%
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