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September 26, 2017

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Tech giant Ceres Power may wind down as it fails to secure funding

British clean technology company Ceres Power Holdings PLC said it may have to wind down operations for want of funds, sending its stock down as much as 76 percent.

Ceres, which cancelled trials on its first-generation wall-mountable micro generator in March, said it was also considering a sale of the business or a cancellation of its listing.

The company's combined heat and power unit was supposed to generate all the heating and hot water and most of the electricity needed for a typical UK household, but its launch has been repeatedly delayed because of durability and reliability issues.

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