UK-based fuel cell technology and engineering company Ceres Power Holdings PLC has secured 28 million pounds ($35.6 million) from Chinese diesel engine manufacturer Weichai Power.
With the investment, Ceres Power Holdings said that it has completed its long-term strategic merger with Weichai, raising Weichai Power's stake to 20 percent from 10 percent.
The investment came as a result of Weichai's sale of its warrant shares at $20.9 per share bring total equity investment in Ceres is at $61 million.
Additionally, Ceres Power and Weichai inked a joint venture deal to invest in a new fuel cell manufacturing facility in Shandong, northeast China, with a 49 percent stake for Ceres.