Ceres Power and Weichai Finalize JV in China
Ceres Power, a world-leading, low cost solid oxide fuel cell company, and Weichai Power, one of the leading automobile and equipment manufacturing companies in China, have completed their long-term strategic collaboration announced last May. This includes a Joint Venture agreement with the commitment to create a fuel cell manufacturing JV in China, a license agreement to transfer key technology to the JV and a new £9 million joint development agreement. It also triggers a further £28m equity injection into Ceres Power.
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