04 Feb 2008
Ceres Power shareholders approve Centrica deal
Ceres Power has announced it has completed its subscription agreement and development, supply and distribution agreement with Centrica.
Following the announcement of the deals with the British Gas parent group last month, Ceres has announced that the special resolution of its shareholders needed to complete the agreements was proposed at its General Meeting.
The deals were passed on a show of hands by the requisite majority.
In accordance with the terms of the subscription agreement, Ceres Power will allot and issue 6,671,838 new ordinary shares of five pence each to GB Gas Holdings Ltd - a wholly owned subsidiary of Centrica - upon receipt by the company of £20,015,514.
Ceres Power announced that application will shortly be made for the new shares to be admitted to trading on AIM, subject to the allotment and issue which is to take place on February 6th.
Sam Laidlaw, CEO of Centrica, said: "Fuel cell technology has the potential to transform the domestic central heating market, enabling our customers to generate cheap, reliable and low-carbon electricity in their own homes.
"This agreement with Ceres Power will help us deliver our strategy of investing in low carbon technology development."
http://www.cerespower.com/news/BG%20development%20supply%20and%20distribution%20agreement.pdf
© Adfero Ltd
Following the announcement of the deals with the British Gas parent group last month, Ceres has announced that the special resolution of its shareholders needed to complete the agreements was proposed at its General Meeting.
The deals were passed on a show of hands by the requisite majority.
In accordance with the terms of the subscription agreement, Ceres Power will allot and issue 6,671,838 new ordinary shares of five pence each to GB Gas Holdings Ltd - a wholly owned subsidiary of Centrica - upon receipt by the company of £20,015,514.
Ceres Power announced that application will shortly be made for the new shares to be admitted to trading on AIM, subject to the allotment and issue which is to take place on February 6th.
Sam Laidlaw, CEO of Centrica, said: "Fuel cell technology has the potential to transform the domestic central heating market, enabling our customers to generate cheap, reliable and low-carbon electricity in their own homes.
"This agreement with Ceres Power will help us deliver our strategy of investing in low carbon technology development."
http://www.cerespower.com/news/BG%20development%20supply%20and%20distribution%20agreement.pdf
© Adfero LtdSource: Adfero
RELATED ARTICLES
-
25 Jun 08
Ceres achieves key milestones on British Gas contract
Ceres Power has announced today its recent progress on its CHP technology, achievements on the residential CHP contract with British Gas...
-
08 Feb 08
Alternative energy solution promised for North American customers
Direct Energy will be working with Ceres Power to ensure that North American customers are afforded access to the company's fuel cell...
-
05 Feb 08
Wood and Brown join Ceres Power's board of non-executive directors
Fuel cell group Ceres Power has announced that Alan Wood and Sir David Brown have been appointed to its board of non-executive...
-
14 Jan 08
Ceres Power and British Gas enter development, supply and distribution agreement for UK residential CHP
Ceres Power, an AIM-quoted fuel cell group, today announces that it has signed a major new agreement with Centrica (trading as British Gas)...