Sunday, May 19, 2013
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Ceramic Fuel gets go-ahead for EWE order
Ceramic Fuel Cells (CFC), the low emission power products developer, saw shares rise after confirming that the conditional order for a government project by German utility giant EWE has been given the all clear and work has begun.
The order – received in December – for 200 integrated power and heat generators was dependent on EWE obtaining partial funding from the German government of €700m between 2008 and 2018. EWE has now received a letter of intent form the funding body.
This represents the largest order CFC has received, with total revenue of up to €4.9m over two years.
Additionally, the firm announced that it has made further sales of its modular power and heat generator ‘BlueGen’ in Germany, the UK and Australia.
“During the quarter the earthquake and tsunami tragedy in Japan, and the breakdown of the Fukushima nuclear power plant, has sparked renewed interest in small scale power generation and fuel cells,” the statement said.
Net operating cash outflow for the quarter ended 31 March was £3.7m, lower than the previous quarter due to the timing of inventory purchases which were partially offset by reduced receipts from customers, according to CFC.
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