Ceres Power Holdings To End year With GBP40M Cash, Investments

2nd Jul 2010 07:37

LONDON (Dow Jones)--Ceres Power Holdings PLC (CWR.LN), an AIM-quoted alternative energy company, said Friday it expects to end its financial year on June 30, in a robust financial position with net cash and short-term investments of not less than GBP40 million, in line with previous guidance. MAIN FACTS: -Expanded British Gas CHP product testing capability at Horsham and Crawley sites. -CHP boiler assemblies now being produced by Daalderop in volume manufacturing plant. -Installation of CHP units in occupied homes for commercial field trials is now expected in Q4, 2010 to enable completion of the required engineering design changes and CE marking certification. -Beta phase will now be extended to allow sufficient time to complete the required engineering iterations and Ceres now expects initial product sales in mid 2012. -Working closely with British Gas to prepare for both initial product sales and an accelerated volume ramp-up within six months thereafter. -Ceres Power shares closed Thursday at 75.25 pence valuing the company at GBP64.85 million. -By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; [email protected] (END) Dow Jones Newswires July 02, 2010 02:37 ET (06:37 GMT)