ZeTek Power, the fuel cell manufacturer, has risked shareholders' ire and cut its share price to $1 (€1.1) to encourage key investors, including private equity firms, in its private placement.

The fuel cell firm, advised by Credit Suisse First Boston, has been struggling to hit its minimum fundraising target of $40m despite a sizeable commitment from lead investor Texaco. It had stalled with conditional commitments of $32m when the original closing date for subscription passed at the end of June.