Goldbug100 - Ceramic Fuel Cells (CFU.L) preliminary results year end 30 June 2010 & fundraising to support futher growth

19 August 2010

 

Company Announcement 

  

Fundraising to support further growth

 Placing and Subscription to raise GBP10.0 million (AUD17.4 million)

Rights Issue and Offer to existing shareholders to follow

 

Ceramic Fuel Cells Limited, (AIM / ASX: CFU) a leading developer of high efficiency and low emission electricity generation units for homes and other buildings, is pleased to announce that it has conditionally raised GBP10.0 million (AUD17.4 million).  The funds will be used to take the Company to the next stage of its commercial development, including scaling up production to meet expected future demand including working capital and manufacturing investment.  

 

The Company has raised approximately GBP10.0 million (AUD17.4 million) gross by way of a placing of 59,523,811 new ordinary shares at 10.5 pence each with institutional investors underwritten by Nomura Code Securities Limited (the “Placing”) and a subscription of 35,714,285 new ordinary shares at the same issue price with a cornerstone investor in the United Kingdom (the “Subscription”).

 

As the Board feels strongly that existing shareholders should have the opportunity to participate in a capital raising process at the same price as investors under the Subscription and Placing it will invite existing shareholders to participate in a further fundraising at the same issue price by way of a rights issue in Australia and New Zealand (the “Rights Issue”) and an offer to shareholders in other qualifying jurisdictions (the “Overseas Offer”).

 

The Rights Issue is non-renounceable and will raise up to AUD21.5 million, at an issue price of 18.25 cents per share.  The Overseas Offer will be up to approximately GBP2.06 million at an issue price of 10.5 pence per share.  Eligible shareholders will receive either a rights issue prospectus or an offer circular, as applicable in due course.

 

The issue of the shares under the Placing, Subscription and Overseas Offer will not require shareholder approval to disapply preemption rights as they represent less than 15 percent of the Company’s total issued capital.   

Further details are available at www.cfcl.com.au.

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Company Announcement 

 

Preliminary Results 

12 Months Ended 30 June 2010

Ceramic Fuel Cells Limited, (AIM / ASX: CFU) a leading developer of high efficiency and low emission electricity generation units for homes and other buildings, today announces its preliminary results for the year ended 30 June 2010.

The full results are available at www.cfcl.com.au.

 

Highlights in the period and year to date:

 

Customers and Products

§         BlueGen modular power and heat generator (power and hot water)

-          Obtained CE approval in April 2010

-          Orders for 51 BlueGen units from leading energy companies and other foundation customers in many large markets: Germany , United Kingdom , Switzerland , The Netherlands, Japan , Australia and the USA

-          Includes order for 30 units from the Victorian Government’s Office of Housing.  Expect to finalise the order conditions in August 2010

§         Integrated mCHP products (power, hot water and space heating)

-          First units installed with partners in Germany , UK and France

-          In discussions to confirm details of next orders

§         Common Fuel Cell Module, with the World’s Highest Electrical Efficiency

-          CFCL Gennex fuel cell module is the core technology in both the integrated mCHP and BlueGen products 

-          All of the integrated mCHP and BlueGen products have achieved initial electrical efficiency of between 59.3% and 62.4%

-          Repeatable world-leading electrical efficiency in a range of real world conditions in many markets

§         As at 19 August, six integrated mCHP units and 12 BlueGen units operating with customers in seven countries

§         BlueGen Distribution in Australia

-          Appointed non-exclusive distributors of the BlueGen product: green retailer Neco, based in Melbourne, and Harvey Norman’s Commercial Division, in New South Wales and the ACT. 

-          Initially marketing to commercial customers like local Councils, State Governments, ‘green building’ developers and energy utilities. 

 

Large Carbon Savings

§         CSIRO Report confirms significant carbon savings potential from BlueGen

§         In Victoria each BlueGen unit can save up to 14 tonnes of carbon per year (1.5 kW continuous operation, replacing a gas hot water unit).    

 

Prestigious German Innovation Award

§         Awarded the Innovation NRW.INVEST AWARD for 2010, by the Government of North Rhine-Westphalia in Germany

§         CFCL was honoured to receive the 2010 award for Innovation.  The 2009 winner of the Innovation award was Research in Motion, the developer of the BlackBerry device.

§         Australian Ambassador to Germany , Mr Peter Tesch: “I am convinced that Ceramic Fuel Cells will shape the world market and especially the German market of private energy supply."

 

Feed-in Tariffs

Victorian Government Feed-in Tariff Review

• Victorian Government is reviewing the expansion of feed-in tariffs to include low-emissions technologies like fuel cells
• A feed-in tariff is a rate paid for electricity fed back into the electricity grid from designated renewable and low emission electricity generation sources 
• CFCL welcomes the Government’s review and has made a submission, which is available at www.cfcl.com.au.

United Kingdom Feed-in Tariff

• In April 2010 the UK Government introduced a feed-in tariff for small scale power and heating products
• Energy retailers pay homeowners 10 pence per kWh generated plus an additional 3 pence per kWh exported to the grid
• To be eligible for the tariff, the product must be certified under the Microgeneration Certification Scheme (MCS).  CFCL is working with industry partners to apply the relevant MCS standards to the Company’s products.  CFCL expects to achieve MCS certification during September 2010.

Manufacturing

Heinsberg, Germany

• Completed construction of a plant for the volume assembly of fuel cell stacks.  The plant includes automated and semi-automated equipment.
• All assembly processes are fully commissioned and operating, including the ink mixing equipment and the robotic seal dispensing and assembly machines
• Currently making fuel cell stacks at the plant using a lower volume furnace
• Also continuing to make stacks in Melbourne to meet current demand
• To increase the volume of stacks the Company will need to use its larger furnaces already installed at the Heinsberg plant.  CFCL is currently working with the supplier of the large volume furnaces to ensure the furnaces will produce fuel cell stacks in larger volumes at acceptable quality standards

BlueGen Assembly

• CFCL examined several alternatives for BlueGen assembly, including toll manufacturing
• To preserve product quality whilst reducing costs, CFCL is assembling complete BlueGen units in-house
• BlueGen assembly currently in Melbourne ; from early 2011, BlueGen assembly in the Heinsberg plant
• CFCL is building BlueGen units now to meet expected customer demand

Powder Plant

• Plant in the UK uses proprietary process to make high quality ceramic powders. 
• The Plant is currently making zirconia powders to be used in the Company’s fuel cells.  External customers also evaluating samples for biomedical, refractory and fuel cell applications.  

Licence Agreement with NexTech

• In June 2010 CFCL entered a licence agreement with USA-based NexTech Materials, Ltd for NexTech to commercially offer solid oxide fuel cell interconnect coating solutions based on CFCL’s patented formulations
• CFCL has patented a technology which protects metal interconnect plates from chromium poisoning.  This solution, which CFCL uses in its own fuel cell products, is useful for other developers of solid oxide fuel cells.
• Based in Ohio , NexTech Materials is a leading provider of technology solutions for the solid oxide fuel cell market.  NexTech’s customers are located in more than 35 countries and include fuel cell researchers, developers and manufacturers.
• CFCL will receive a royalty from NexTech Materials’ sales, creating an additional revenue stream from CFCL’s existing intellectual property.
• CFCL’s Fuel Cell Interconnect Device is patented in the United States , Japan , Europe ( France , Germany , Italy and the United Kingdom ), Australia and New Zealand . 

Financial

Year to 30 June 2010 (unaudited FY10 results)

• Revenue from Operations: AUD 2.0 million (GBP 1.2 million)
  • Up 21 percent from FY09: AUD 1.7 million (GBP 1.0 million)
• Net operating cash outflow: AUD 17.2 million (GBP 9.9 million)
  • FY09: AUD 16.6 million (GBP 9.5 million)
  • At 30 June 2010 the value of BlueGen items in inventory was AUD 1.0 million (GBP 0.6 million).  
• Operating costs: AUD 21.5 million (GBP 12.4 million)
  • In line with FY09: AUD 21.2 million (GBP 12.2 million) 
• Net loss: AUD 19.7 million (GBP 11.3 million)
  • FY09: AUD 42.2 million (GBP 24.3 million)
• Cash balance at 30 June 2010: AUD 11.5 million (GBP 6.6 million)
  • Includes AUD 2.6 million (GBP 1.5 million) in bank account pledged to support guarantees. 

Fundraising  

Fundraising announced 19 August 2010, to take the Company to the next stage of its commercial development, including for working capital and to scale up production of its fuel cell products to meet expected future demand.  See separate announcement. 

 

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All CFCL announcements are also available at ASX's website  (If your browser does not support links, go direct to www.asx.com.au and search for announcements by CFU.)    

CFCL's AIM announcements, and current AIM price, is available at www.londonstockexchange.com (code CFU). 

More information about CFCL - including presentations, announcements and images for download - is available at www.cfcl.com.au  

Regards,  

Andrew Neilson
Group General Manager Commercial CERAMIC FUEL CELLS LIMITED
Tel: +61 (0)3 9554 2300 

Email: investor@cfcl.com.au

Goldbug100 - Ceramic Fuel Cells (CFU.L) will receive approximately $3.9m from Oakvale Capital Limited,

If the writer´s memory is correct the share price plunged when it was learnt that thanks to it´s Investment advisor at the time it had lost money so this news is good for the company and it´s shareholders

Monday 16 August 2010

 

 

Company Announcement

 

CERAMIC FUEL CELLS TO RECEIVE $3.9 MILLION FROM LEGAL CASE

 

 

Ceramic Fuel Cells Limited [AIM/ASX: CFU], a leading developer of high efficiency and low emission electricity generation units for homes and other buildings, will receive approximately $3.9 million from a legal case against its former investment advisor.

 

In late 2009 Ceramic Fuel Cells began legal action in the Federal Court in Melbourne against its former investment and treasury advisor, Oakvale Capital Limited, relating to losses suffered by Ceramic Fuel Cells on financial investments.  The litigation was funded by ASX-listed litigation funder IMF Australia Limited.  IMF is paying the costs of the litigation, including the Company’s legal costs, in return for an agreed share of any judgment or settlement sum. 

 

Ceramic Fuel Cells and IMF have agreed to settle the case against Oakvale Capital Limited, with Oakvale’s insurer to pay the agreed settlement sum by 27 August 2010.  After legal costs and IMF’s agreed share of the settlement sum, Ceramic Fuel Cells will receive approximately $3.9 million including GST. 

 

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All CFCL announcements are also available at ASX's website  (If your browser does not support links, go direct to www.asx.com.au and search for announcements by CFU.)    

CFCL's AIM announcements, and current AIM price, is available at www.londonstockexchange.com (code CFU). 

More information about CFCL - including presentations, announcements and images for download - is available at www.cfcl.com.au  

Regards,  

Andrew Neilson
Group General Manager Commercial CERAMIC FUEL CELLS LIMITED
Tel: +61 (0)3 9554 2300 

Email: investor@cfcl.com.au

PRICES

Date Open High Low Close Avg Vol Adj Close* Aug-10 12.00 13.05 10.95 11.54 371,200 11.54 Jul-10 9.25 12.00 8.40 11.75 654,600 11.75 Jun-10 9.62 10.02 8.75 9.00 641,000 9.00 May-10 12.25 12.50 8.26 9.75 1,794,000 9.75 Apr-10 12.75 14.00 11.25 12.50 1,022,700 12.50 Mar-10 9.75 13.75 9.50 12.53 1,167,800 12.53 Feb-10 10.00 10.30 8.10 9.26 984,500 9.26 Jan-10 12.50 13.73 9.62 10.10 862,500 10.10 Dec-09 13.25 13.25 11.60 12.35 740,900 12.35 Nov-09 12.75 13.75 11.75 12.50 584,100 12.50 Oct-09 16.75 17.40 11.00 13.25 923,600 13.25 Sep-09 10.25 17.50 9.51 16.65 790,800 16.65 Aug-09 8.75 11.25 7.85 10.20 1,471,200 10.20 Jul-09 8.38 9.50 7.25 8.85 1,457,800 8.85 Jun-09 7.47 10.00 7.00 8.25 2,852,700 8.25 May-09 3.62 12.84 3.50 7.45 8,112,200 7.45 Apr-09 3.25 4.00 2.80 3.50 2,874,000 3.50 Mar-09 3.38 4.75 2.75 3.60 1,508,400 3.60 Feb-09 2.62 7.10 2.00 4.85 4,364,300 4.85 Jan-09 4.75 5.10 2.05 2.50 2,740,200 2.50 Dec-08 7.75 7.70 4.50 5.00 385,100 5.00 Nov-08 5.12 9.50 5.50 7.50 339,700 7.50 Oct-08 14.75 16.88 4.50 4.50 1,799,800 4.50 Sep-08 20.25 21.00 14.00 14.00 999,100 14.00 Aug-08 18.50 22.60 17.25 19.75 580,000 19.75 Jul-08 19.00 21.00 16.00 18.42 398,400 18.42 Jun-08 20.50 25.75 18.50 19.24 438,400 19.24 May-08 23.25 25.00 19.00 20.00 366,300 20.00 Apr-08 21.50 26.92 21.25 23.42 238,500 23.42 Mar-08 27.50 27.80 21.00 21.38 398,700 21.38 Feb-08 21.25 33.00 18.50 27.00 2,683,900 27.00 Jan-08 24.50 25.00 18.00 21.15 804,700 21.15 Dec-07 29.75 30.00 23.00 24.05 554,000 24.05 Nov-07 34.50 35.50 29.05 29.80 931,000 29.80 Oct-07 35.50 38.00 34.00 34.50 323,000 34.50 Sep-07 35.50 38.00 32.00 35.75 297,200 35.75 Aug-07 43.25 44.00 32.00 35.00 637,400 35.00 Jul-07 43.00 47.00 42.88 43.50 977,300 43.50 Jun-07 39.50 46.00 37.00 42.70 1,448,100 42.70 May-07 46.75 60.35 40.00 42.00 442,600 42.00 Apr-07 47.75 49.00 45.50 46.00 698,700 46.00 Mar-07 45.00 50.00 40.50 47.20 774,900 47.20 Feb-07 49.50 54.00 38.00 44.50 1,917,600 44.50 Jan-07 47.50 54.50 39.92 49.65 1,436,600 49.65 Dec-06 29.75 50.00 28.50 47.60 1,253,900 47.60 Nov-06 30.75 32.50 29.00 29.25 463,800 29.25 Oct-06 29.50 31.50 26.50 30.74 2,568,100 30.74 Sep-06 27.50 30.00 26.50 29.00 1,118,800 29.00 Aug-06 28.00 28.44 25.75 27.75 414,500 27.75 Jul-06 26.25 28.50 24.75 27.75 1,027,300 27.75 Jun-06 25.25 27.25 21.50 26.00 1,141,500 26.00 May-06 29.12 32.00 24.00 25.43 1,121,200 25.43 Apr-06 31.00 32.50 28.00 29.12 1,081,700 29.12 Mar-06 24.50 34.75 22.50 31.12 3,335,000 31.12 * Close price adjusted for dividends and splits.

Goldbug100 - Ceramic Fuel Cells (CFU.L) makes sale to Japan´s Largest Gas Company

We did mention earlier this week that with every company announcement regarding a sale the shares should move upwards but perversly with the stock market shakeout world wide they went in the opposite direction the day after. Once the trade sales turn into retail sales we think that this Australian Company is a stock that you should be in. They closed the week on the LSE at 11.54p + 0.46p on the day

13 August 2010

  

Company Announcement  

 CERAMIC FUEL CELLS’ BLUEGEN SALE TO JAPAN ’S LARGEST GAS COMPANY

Ceramic Fuel Cells Limited (AIM/ASX: CFU), a leading developer of high efficiency and low emission electricity generation units for homes and other buildings, will install a BlueGen gas-to-electricity unit with Japan’s largest gas utility, Tokyo Gas.  

Mitsui & Co. has ordered the BlueGen unit on behalf of Tokyo Gas.  The BlueGen unit will be installed and demonstrated by Tokyo Gas at its testing laboratory in Tokyo .

Tokyo Gas is Japan ’s largest gas utility, serving 10.5 million gas customers in Tokyo and the surrounding region, representing 43 percent of all city gas sold in Japan .  The Tokyo Gas group produces, distributes and retails natural gas, and sells gas appliances, energy services and electricity.  Established in 1885, the group has 15,500 staff and and 2010 group revenue of USD 16 billion. 

Tokyo Gas has a strategic plan to expand its activities into generating and selling electricity to become an integrated energy supply company.  Tokyo Gas has deep experience with home heating and co-generation products, having sold many products to residential customers.  As at March 2010 Tokyo Gas had installed 1,500 PEM fuel cell units, with forecasts of rapid growth to more than 40,000 units by 2014. 

Mitsui & Co is one of Japan ’s leading trading companies, with more than 39,000 employees in 65 countries.  Mitsui & Co. has global operations in product sales, worldwide logistics and financing, the development of international infrastructure and other projects.  Mitsui & Co. has a long established focus on energy including renewables and fuel cells.

The order from Tokyo Gas follows orders for two BlueGen units from Japan ’s second largest gas utility, Osaka Gas, also arranged through Mitsui & Co. 

Combined, Tokyo Gas and Osaka Gas serve more than 17 million customers, and more than 69 percent of all gas sales in Japan .

About the size of a dishwasher, BlueGen is the latest breakthrough in small scale electricity generation.  Each BlueGen unit can produce enough electricity and heat to meet the annual requirements for power and hot water of the average Japanese home. 

BlueGen units can generate electricity at a peak electrical efficiency of up to 60 percent.  When heat is recovered for hot water, total efficiency is up to 85 percent – twice as efficient as the current power grid. 

By generating power close to where it is used, Ceramic Fuel Cells’ products can meet the future demand for electricity without the need for huge investments in electricity transmission and distribution infrastructure. 

Brendan Dow, Ceramic Fuel Cells’ Managing Director, said: “We are thrilled to be dealing with two such significant companies as Mitsui and Tokyo Gas – Japan ’s largest gas utility. We are confident that both companies will be impressed by BlueGen’s green credentials and electricity production capabilities. With this order, Ceramic Fuel Cells will have 51 BlueGen units ordered from seven countries – each unit demonstrating the significant benefits of distributed generation of electricity.”

  

The order from Tokyo Gas is the 51^st BlueGen order for Ceramic Fuel Cells.  Other BlueGen units have been sold to leading energy companies and other foundation customers in Europe, Japan , the United States and Australia .

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All CFCL announcements are also available at ASX's website  (If your browser does not support links, go direct to www.asx.com.au and search for announcements by CFU.)    

CFCL's AIM announcements, and current AIM price, is available at www.londonstockexchange.com (code CFU). 

More information about CFCL - including presentations, announcements and images for download - is available at www.cfcl.com.au  

Regards,  

 

Andrew Neilson
Group General Manager Commercial CERAMIC FUEL CELLS LIMITED
Tel: +61 (0)3 9554 2300

Email: investor@cfcl.com.au