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Ceramic Fuel Cells Limited
Ceramic Fuel Cells Limited is a leader in Solid Oxide Fuel Cell technology, and is well positioned to benefit from the forecast strong growth in
Update
Ongoing technical progress
Volume manufacturing from 2009
Impairment impact from financial investments: reduces fair value to 42p / share
Publication Date:
November 19 2008
Execution of strategy on track
CFCL continues to mitigate technology, manufacturing and market risk
Significant recent advances in cell power and lifetime
First fully integrated Beta unit expected in 2008
Construction of Heinsberg plant on track and within budget, powder now being shipped from Bromborough
Fair value share price maintained at 64p
Publication Date:
July 30 2008
Volume order delivering commerical reality
Nuon order for 50,000 mCHP units
Product development agreements with leading utilities and appliance manufacturers in 4 European markets
Candy Park powder plant commissioned on schedule
Fair value 64p vs current share price 22p
Publication Date:
March 25 2008
Order for 50,000 units
Ceramic Fuel Cells announced a significant step forward in the commercialisation of its high temperature fuel cell systems with a volume order from Nuon, the Dutch energy company that serves more than 2.5 million private and business customers in the Netherlands, Belgium and Germany. On the basis that CFCL meets a set of performance targets for a commercial unit, Nuon will order 50,000 fuel cell systems to be delivered over a 5 year period from June 2009.
CFCL’ s fuel cells will be integrated into conventional boilers to make low carbon emitting, highly efficient mCHP (micro-combined heat and power) units that Nuon will deploy for its residential customers.
CFCL will assemble the fuel cell systems at its new Heinsberg, Germany, facility in automated and semi-automated production lines. The company is investing €12.4m in the first phase of the project to build capacity for 10,000 units per year – sufficient for the Nuon order. In the future, Phase II of the project will see capacity built up to 160,000 per year in the existing building.
The news of the volume order and the investment in Heinsberg show that CFCL is executing well on its strategy, as does the recently announced outsourcing for the manufacture of the fuel cells by H.C. Starck and CeramTec in Germany. Furthermore, advances in CFCL’s technology have increased the output from its fuel cell stacks to 2kW of electricity with minimal additional balance of plant cost, thus increasing the carbon saved while generating more electricity for the household and for export to the grid.
This is a very positive development, and one which should see a substantial growth in revenues for FY 2010 and beyond.
CFCL will announce interim results to 31 December 2007 on Friday, 29 February, and will be hosting an analyst visit at the new powder plant at Bromborough, Merseyside.
Publication Date:
February 27 2008
Strategic powder play will pay off
The zirconia plant in the UK has been commissioned on schedule
Strategic decision to mitigate supply risk for this crucial component
Revenue implications are not yet appreciated
CFCL is trading below our 55p/share fair value (unchanged)
Publication Date:
November 20 2007