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More than £25m needed by 2019, and still no profit in sight
Thursday 03 Aug 2017 Author: Steven Frazer

An initiation note from investment bank Berenberg gives an optimistic take on the future of fuels cells technology developer Ceres Power (CWR:AIM).

It has slapped a 15p target on the stock, versus the current 11.75p. Yet the technology is still years away from commercial success, if it gets there at all. Berenberg predicts that massive funding is still needed.

The investment bank forecasts £25.4m will be burned through by the business by 2019, at which point estimated revenues of £7m will still be dwarfed by £9.7m of pre-tax losses. Ceres had £16m of net cash as of 30 June.

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