Bosch has increased its stake in Ceres Power from 3.9 percent to circa 18 percent. The stake increase is achieved through a subscription by Bosch for new Ceres Power shares, as well as the purchase of further shares from existing shareholders. Bosch’s total investment will be approximately 90 million euros. To enhance the strategic investment and the strength of the partnership, under the terms of the transaction, Bosch is granted the right to appoint a Non-Executive Director to the board of Ceres Power.
Since signing a strategic agreement in August 2018, Bosch and Ceres have been successfully collaborating in the development of fuel-cell stacks for stationary applications. This enabled Bosch to start initial low-volume production of pilot fuel-cell systems in autumn 2019 in Germany. It is intended that the increased stake will further support the collaboration towards future potential scale up and mass manufacture of the Ceres SteelCell for multiple applications including small power stations to be used in cities, factories, data centers and charge points for electric vehicles.