OREANDA-NEWS. IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the developer of intellectual property-based businesses, is pleased to note that portfolio company Ceres Power Holdings plc ("Ceres" or "the Company"), has raised a total of approximately 20.0 million pounds (before expenses) by means of a conditional placing ("Placing") with new and existing investors in the UK.

Ceres is 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. The Placing remains subject to the passing of certain resolutions at the General Meeting, scheduled for 14 October 2016.

Ceres was advised by IP Capital.

 

About IP Group

IP Group is a leading intellectual property commercialisation company which focuses on evolving great ideas, mainly from its partner universities, into world-changing businesses. The Group has pioneered a unique approach to developing these ideas and the resulting businesses by providing access to business building expertise, capital (through its 100%-owned FCA-authorised subsidiary IP Capital), networks, recruitment and business support. IP Group has a strong track record of success and its portfolio comprises holdings in approximately 100 early-stage to mature businesses across four main sectors -- Biotech, Cleantech, Healthcare and Technology. The Company is listed on the Main Market of the London Stock Exchange under the code IPO.