Ceres Power tanks as Bosch plans to end partnership

(Sharecast News) - Ceres Power tanked on Thursday after Germany's Bosch said it would end its partnership with the company and divest its minority holding. The news came after Bosch said it will discontinue its operations relating to the industrialisation and preparation for production of decentralised power-supply systems based on solid oxide fuel cells.

Bosch has also told Ceres that it plans to divest its minority holding of 17.44% in the company "in an orderly manner".

Uwe Glock, the Bosch representative non-executive director on the Ceres board, is stepping down with immediate effect.

Ceres said the impact of Bosch's decision does not change its consensus expectations for the year ending 31 December 2025.

Chief executive Phil Caldwell said: "Whilst Ceres is disappointed that Bosch will discontinue its operations relating to the industrialisation and preparation for production of decentralised power-supply systems using Ceres' solid oxide technology, we recognise that this decision is part of a broader revised strategic direction from Bosch and does not reflect its confidence around Ceres or our technology.

"Over the last 12 months Ceres has expanded its ecosystem of global manufacturing partners, as the business continues to license its best-in-class technology. This is underpinned by our strong financial performance, and we remain well positioned for the future."

At 0920 GMT, the shares were down 41% at 77p.