Reuters: Bankruptcy News: Ceres Power fails to secure funding, may wind down ops

Reuters: Bankruptcy News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Ceres Power fails to secure funding, may wind down ops Oct 4th 2012, 06:48 Thu Oct 4, 2012 2:48am EDT Oct 4 (Reuters) - British clean technology firm Ceres Power Holdings Plc said it has not been able to secure the funds it needs to run its operations and that it would continue to explore options, including a wind down of the business. Ceres said the other options it was looking at included a sale of the business or cancellation of its listing. The company has faced repeated delays related to the launch of its combined heat and power (CHP) energy efficient boiler as a result of technical issues with the product. The boiler is designed to generate all the heating, hot water and most of the electricity needs of a typical UK home, according to Ceres. It had 10.2 million pounds ($16.39 million) in cash as of June 30, and has previously said it needed to raise money by the end of September. "Despite extensive efforts it has been unsuccessful in securing sufficient funding for the business going forward," Ceres said in a statement.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions