July 11 (Bloomberg) -- Ceres Power Holdings Plc, a U.K.- based maker of fuel cells that generate electricity, plans to raise 20 million pounds ($34 million) selling shares and use the proceeds to accelerate technology development.
Existing and new institutional investors and directors will be offered 235.7 million shares at 8.5 pence apiece, Horsham, England-based Ceres said today in an e-mailed statement.
“This funding will enable the company to advance the development and commercialization of our low-cost, steel-cell technology across different markets and applications,” Chief Executive Officer Phil Caldwell said in the statement.
Ceres’s fuel cells convert natural gas or hydrogen into power and heat. While its focus is on home and business markets, fuel cells can also be used in transportation.