I reckon we should be glad that we are in commercialisation,...

I reckon we should be glad that we are in commercialisation, field trials are in middle and well we need more orders for reduction of cost...below a speel from ceres disaster

Andrew Shepherd-Barron at Peel Hunt said there was effectively no value for shareholders and cut his target price from 4p to zero:

In our view it is no great surprise that investors refused to back the business further (although Centrica might have). The product is still at least four years away from first commercialisation, field trials have yet to start, technical progress still needs to be made, there is major uncertainty over manufacturing cost, the economic case for product adoption is limited and there was still a large quantum of funds needed to reach cash break-even. The list of challenges is long, and this eight years after its first listing. Having raised close to £65m over the years, this was just too much for investors.

Whilst there is sufficient cash to fund an orderly wind down, we do not expect significant value to be returned to shareholders; hence we reduce our target price to 0p. Our previous target price of 4p simply reflected an option value only, since we believed there to be a negative net present value for the business. There is a chance that a third party buys the assets, or indeed the business as a whole, but we see a wind down as the more likely outcome.