Ceres Power, the fuel cell developer, may have to take some time to sell off business or wind down their business due to new concerns about the Wales solar panel factory. The ‘green’ business sector of Britain has run into a great deal of trouble after the future of a fuel cell developer and Wales solar panel factory were questioned.
The Ceres Power shares dropped by almost 76% after the company issued a statement to the London stock exchange expressing concern that they will have to sell or wind down the business. The factory currently employs 160 staff members at Crawley and in Horsham.
Ceres has faced many launch delays because of its CHP (combined heat and power) energy efficient boiler. The boiler has had a host of technical issues and was only originally designed to be used in homes and not in the company setting. The company stated that it has been talking to lenders but in a statement said that they simply have made unsuccessful attempts at getting the funding that they need.
At the close of June Ceres stated that they still had about £10.2m of cash but that they need to raise more money by the close of September. The shares dropped down to 2.05% before they finally recovered a bit to come back up to 2.6%. Just less than a year ago the company was trading at the much higher 30% per share.
In Wrexham there have been a lot of concerns mounting that the Japanese electronics group Sharp may reduce some of their sites including a solar panel manufacturing site. A spokesman for Sharp admitted that there has been some discussion over the matter and some very extreme speculation over what should be done after suffering major losses last year.