Ceres Power Plunges Most on Record in London on Shutdown Threat
Ceres (CWR) Power Holdings Plc, a developer of fuel cells generating power and heating for homes, slid the most on record in London after saying it may close the business.
Ceres declined by 74 percent to 2.3 pence by 10:22 a.m. in trading in the city, the steepest collapse since the Horsham, England-based company first sold shares in November 2004.
The company “has been unsuccessful in securing sufficient funding for the business,” it said today in a statement. Ceres is exploring “a sale of the business, cancellation of the listing, and in the absence of any alternative proposals commencement of an orderly wind down of the business.”
The stock has fallen more than 93 percent since saying Oct. 12, 2011, that its products wouldn’t be commercially available until the first half of 2014. The schedule was 2 1/2 years later than planned and was itself scrapped in March when Ceres said it would focus on a more advanced product to go on sale in 2016.
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