Ceres Power confirms talks with China's Weichai about further investment

Ceres Power confirmed on Monday that it is in discussions with China's Weichai Power about a potential further investment in the AIM-listed company.

Responding to recent media reports, the group said it is in talks with Weichai about acquiring an additional 10% stake, taking its total holding to 20% and about the creation of a manufacturing joint venture.

This follows the company's announcement back in May, in which it outlined the terms of a strategic collaboration between Ceres and Weichai which included a JV agreement, technology transfer and equity investment and the right to nominate a non-executive director to the board.

"Ceres confirms discussions with Weichai are on-going and a further statement will be made in due course," it said.

At 1540 GMT, the shares were up 7.1% to 174.58p.