Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Yet again I am bang on with my fund raising predictions for CFU! Hoping for £10.8m to £14m, might get £7m to £8m? Will still have the debt too! http://www.investegate.co.uk/ceramic-fuel-cells--cfu-/rns/share-purchase-plan-and-overseas-offer/201312040700106255U/
Ceramic Fuel Cells (CFU) has agreed to sell 1,000 BlueGEN small-scale electricity generators to its new Baltic distribution partner over the next two years, more than double the number of units the company has sold in its history. The Australian-based company said the units were valued at more than €20m in total and that it has appointed Synergy International, a company co-founded by major Estonian electrical wholesaler Tameo Grupp, as its exclusive distribution partner for the Baltic States, Finland, Sweden and Norway. Synergy will be responsible for arranging the distribution and servicing of CFU's BlueGEN micro combined head and power (micro-CHP) product, purchasing units from CFU on a take-or-pay basis, with 50% of the price of the initial 500 unit sale will be paid to CFU before the end of this December. The take-or-pay agreement means if Synergy do not take the units they agree to pay a provision for not buying them. An initial 500 BlueGEN units will be bought in the 2014 calendar year, with the first 100 delivered in the first quarter, and a further minimum 500 units in 2015. After the initial sum, further payments will be paid quarterly in advance for units to be delivered during 2014 and 2015. In the year to June CFU made revenues of AU$4.27m (€2.8m).
Directors bleeding the company dry? This definitely is a takeover sit now that good sales are being established. Any idea of takeout price Brian - you're the wizkid with numbers!
Capital Funding and Cash Flow has always been the stumbling block for CFU. It's great to hear that their development of this World Class technology has at last resulted in what could be a game changing order for this excellent business. I hope they can now deliver these units on time?
Well done CFU in actually getting an order that unlike prior orders it cannot be zero units in the end! Don't get over excited by this, because the profit will be maybe £1m per annum of the £12m per annum that CFU is burning, so they will need another 11 orders of the same size to overcome the huge cash burn that hss been draining investors bank accounts for years. Plus they have £5m of debt to clear.
http://www.asx.com.au/asxpdf/20131128/pdf/42l6lq3vgcn0cn.pdf
Oh dear, looks like it's heading further down, can't say I didn't warn the holders it was most likely to happen. So CFU burnt just under £12m in a year. They have £5m of debt. They need to raise more cash to keep the business afloat. At the AGM there were significant votes against the re-election of all directors, so I take it that holders are finally waking up to the top heavy CFU with many directors on substantial salaries that are not in line with the state of the company. Was it £2m on directors salaries of £12m burnt? Crazy! See votes against: HTTP://www.investegate.co.uk/ceramic-fuel-cells--cfu-/rns/results-of-annual-general-meeting/201311210700125800T/ So how much will CFU raise this time? £12m is enough for a year, but what progress do holders expect to see in that year? Another 150 - 200 BG's sold? Maybe 300? 400? 500? Considering CFU need to sell a couple of thousand to reach break-even I can't see that happening for at least 2 years, so even with £12m raised now at 1p-1.5p they will still need another £12m to get through the following year. 1,601.29m shares in issue. Raise £12m at 1.5p is 800m shares or 50% dilution. More dilution the following year at whatever price they are at the time. I will continue watching this one from the sideline!!
A good product but tough financial situation. Germany appears to be the main (only?) market. Their only real hope , imo, is that they must sell out to a major company. I cannot see the Germans subsidising / funding a foreign company for very long. Take over in view, anyone?
Well said and recommended. Let us hope the discount is not too large!
Sales still not taking off despite the hopes of shareholders that Germany FiT and UK free BG would increase sales, I was right to doubt that. Cash position at 30 September 2013 AUD 4.1m (GBP 2.5m) Net operating cash outflow for the September quarter was AUD 5.8m (GBP 3.5m) "The Company lodged its tax return for FY2013 in early October 2013 which included circa $4m (GBP 2.4m) of research and development activities for which it expects to receive a tax credit and resultant refund. Indications are that it will receive this refund in November." "In its Annual Report, the Company advised shareholders that it would maintain a focus on fundraising and strong cash management. It also stated that in order to meet its sales targets and to continue with its research and product development programme, a capital raising will be necessary." I said fund raising would be required at this time way before CFU posted it's annual report and I am right yet again. 3.5m burn / 13 week in the quarter = 269,230 per week 2.5m / 269,230 = 9 weeks of cash left since end of September, at the end of this week that leaves CFU with enough cash for just 4 weeks running!! Add 2.4m of tax refund would give them around 13 weeks of cash from end of this week, but IMVHO they would be crazy to rely on the tax refund coming in during November as cash could easily run out before the tax refund arrives, therefore I expect fund raising to happen within two weeks, probably within one week. Loan extension or placing this time is the question?
Interesting news and small price rise. Anyone think they were close to a fund raising .... oh yes! they are aren't they! LOL!! CFU want six million, be good it they could even get to 600 first LOL!! Can you nip over to Aus and pull them all down off the ceiling as they must be high on something LOL!!
http://www.energylivenews.com/2013/10/20/energy-firm-wants-to-create-six-million-mini-suppliers/ Energy firm wants to create six million mini-suppliers Posted on 20 October 2013 by Tom Grimwood A company selling what it claims is the world’s most efficient small-scale electricity generator has told ELN it can create “six million” energy generators across the country. That’s in response to remarks from Energy Minister Greg Barker on his hopes community energy schemes can create 60,000 electricity suppliers in the UK. Ceramic Fuel Cells claims its generator is nearly as efficient at converting gas to electricity as a large power plant’s Combined Cycle Gas Turbine. It says the BlueGen generator (pictured) has a peak rate of 60% and doesn’t lose anywhere near as much electricity in carrying it to energy users. The generator works like a gas-powered battery, generating power electrochemically rather than through combustion. It can also use the heat generated by the fuel cell for hot water and the company says this can push the efficiency figure up to 85%. The maker claims the bottom line result is a 20% cut in energy bills for a typical user. Paddy Thompson, General Manager Business Development for Ceramic Fuel Cells told ELN: “In some cases there are diseconomies of scale. If we can generate in response to demand on a local level, then we can make the system much more efficient.” With a chunky price tag of £19,000 to install, the firm is also offering to do this for ‘free’, leaving users to pay for energy bills and maintenance. The upfront cost is then repaid from the proceeds of the Feed in Tariff and export tariff over the course of ten years. The generator is internet connected and can be remotely operated. The firm says this mean they could be operated by suppliers in future.
https://bluegen.net/ 330 installed!!
http://www.proactiveinvestors.com.au/companies/news/48979/ceramic-fuel-cells-looks-to-strong-future-of-its-fuel-cells-in-uk-germany-48979.html Ceramic Fuel Cells looks to strong future of its fuel cells in UK, Germany Thursday, October 10, 2013 by Proactive Investors Ceramic Fuel Cells (ASX: CFU) is expanding the use of its integrated micro combined heat and power (mCHP) units in the UK and Germany. In the UK, the company is delivering fuel cell components for 40 integrated units to Ideal Heating as part of the European Union-funded ‘SOFT-PACT’ project. This will demonstrate the application of fuel cell based mCHP appliances in domestic applications through real world installations in residential locations Its BlueGEN micro power plants have also received support from the German state of Hesse, which will support their installation under a state-wide subsidy programme. The first installation, which will provide electricity and heat to a multi-family building, has already been approved. Additional BlueGENs are now expected to be planned and installed in Hesse in the near future. This follows North Rhine-Westfalia – Germany’s most populous state – implementing a mCHP subsidy policy in March this year.
Reminder, fund raising not far away now. See previous post!
Net operating cash outflow for the June quarter was AUD 1.1 (GBP 0.6m). This includes the receipt of AUD 5.2m (GBP 3.1m) in relation to a tax credit arising from the Company's Australian research and development activities undertaken in fiscal year 2012. If this amount was to be excluded then the net operating cash outflow for the quarter would have been AUD 6.2m (GBP 3.7m) which compares favourably to AUD 6.6m (GBP 4.0m) in the previous quarter Net investing cash flows for the quarter were an outflow of AUD 0.2m (GBP 0.1m). Net financing cash flows for the quarter were an inflow of AUD 6.9m (GBP 4.1m). In May 2013 the company received AUD 7.0m (GBP 4.6m), net of costs, in relation to the issue of ordinary shares and convertible loan notes as discussed above. A further AUD 0.3m (GBP 0.2m) will be received as part of this fund raising in the next quarter. Cash on hand at 30 June 2013 was AUD 10.0m (GBP 6.0m). ---------------------------------------------------- Burnt £3.7m in the June quarter is £284,615 burnt per week 1 April 2013 to 30 June 2013 is 13 weeks £6,000,000 / £284,615 = 21 weeks 21 weeks from 1 July means cash WILL run out on Monday, November 25, 2013 So CFU, not wishing to leave it until the last minute, will raise cash in September or early October.
This includes companies, technologies, products, innovations and services that help respect the environment and resources through ecological sustainability and avoid and reduce pollutants. This year's awards ceremony was held on 30 August 2013 in Deutsche Telekom's representative offices in Berlin. The jury included high-ranking representatives from business, politics, sports and the media.
Ceramic Fuel Cells Limited : Ceramic Fuel Cells wins GreenTec Award 09/05/2013 | 05:09am US/Eastern PRESS RELEASE Ceramic Fuel Cells wins GreenTec Award BlueGEN technology wins Europe's major award for environmental technologies Heinsberg/ Germany, 2 September 2013. Ceramic Fuel Cells, a world leader in developing fuel cell technology to generate highly efficient and low-emission electricity from widely available natural gas, has been awarded the renowned GreenTec Award in the energy category last Friday, 30 August 2013, in Berlin. Europe's most important environmental economic prize, which has been awarded under the patronage of the German minister for the environment, Peter Altmaier, honours ecological and economic commitment and the use of environmental technologies. In their laudatory speech, well-known German TV cook Sarah Wiener and Boris Schucht, chairman of the management of German transmission grid operator 50 Hertz, applauded Ceramic Fuel Cells' innovative spirit and said: "This concept for the Energiewende has convinced us most. With BlueGEN, Ceramic Fuel Cells has successfully developed an outstanding solution for residential and commercial use." Bob Kennett, CEO of Ceramic Fuel Cells Limited, views the award as a confirmation that CFCL's R&D efforts were well spent. "Winning Europe's most reputable award in the greentech industry is a great honour and supports our engagement in advancing the fuel cell technology. We are proud to offer BlueGEN as a marketable and decentralised alternative to traditional electricity generation, and to be able to make a significantl contribution to the Energiewende with civic participation." BlueGEN is a dishwasher-sized fuel-cell micro power plant powered by natural gas. It is an efficient source of electricity and heat, both from an economic and from an environmental perspective, for residential and small commercial buildings. The heat by-product can be used for warm-water supply. Owners can feed excess electricity into the grid to obtain subsidised compensation. Thanks to its advanced technology, BlueGEN can achieve an electrical efficiency of up to 60 per cent - more than any coal or gas-fired power plant. In addition, units generate low-emission electricity: users can save about 50 per cent of CO2 emissions compared to the German electricity mix. BlueGEN can generate low-emission power locally and reliably all year round. The device is the first commercially available micro combined heat and power plant for private households and smaller companies. The GreenTec Awards are considered the most important European awards in the greentech sector and are presented in eight categories including construction & living, energy and aviation. The award seeks to promote ecological and economic commitment and the use of environmental technologies. This includes companies, technologies, products, innovations and services that help respect the environment and resources through
Translated with google!! Utility EWE build 60 more a fuel cell heating (21/08/2013) Functions: Newsletter Archive view Settings: Change email address Change format (HTML / Text) Newsletter Unsubscribe "Final testing phase" before the launch Since 2010, the EWE Energie AG cooperates with the manufacturer of micro power plants based on fuel cells CFC. About 70 CFC fuel cell heating EWE has since been installed, especially the already established today BlueGen aggregates. The different generations of devices have been proven in more than 500,000 hours in the homes of EWE customers high reliability. Well, the Lower Saxony utility has ordered a further 60 plants for a new test series. The new micro-CHP systems now used combine high-temperature fuel type SOFC with a gas condensing boiler as a supplementary heater. Both components are integrated into a compact housing and individually controllable. Thus the plant can optimally adapt the yearly electricity and heat demand of houses and small businesses. Beistelllösung as they are primarily focused on optimizing power generation. The integrated fuel cell systems complement future the BlueGen systems and the growing demand for compact systems. During now starting practical use final system improvements are under consideration: the units of the new series are distinguished according to the manufacturer by an improved power control and an optimized thermal efficiency of the fuel cell unit from. He is about 85 percent - with an electrical efficiency of up to 60 percent. The cooperation partners, in addition to CFC EWE and this is also the heating Bruns Brothers GmbH, see the integrated fuel cell systems "on the home stretch before the launch." With the tests of the last step of the pre-series will ushered to marketable product. The launch will take place after the required certification process in 2014. The joint development and demonstration project of EWE and Bruns and CFC is funded by the federal government through the National Innovation Programme for Hydrogen and Fuel Cell Technology of NOW.
Sorry, forgot to change my opinion to strong sell, before mapreader gets excited again LOL!!
This could turn out to be a showstopper for CFU IF Redox can produce systems at US$1000 per Kw and they decide to go for the same near term fuel cell markets as CFU. Why wouldn't they if they have the 'game changer' they purport to have? I am sure there would be companies queuing up to become agents all around the World. A Bluegen costs €18,000 whilst the Redox costs €1,121.70 for the same amount of power. The Redox can compete directly with gas/oil boilers, bypassing all the competition from the more expensive Stirling engine and fuel cell mCHP offerings. Redox might turn out to be a load of hype (looks like they have the same 'hype manager' as Bloom!), only time will tell, but not much time if they are going to launch their product in 2014. Link below to an interesting article, it shows how much hype is being invested in Redox before it even has a product to sell, as the box with green lights is a model, not an actual fuel cell. "Warren Citrin, the company’s CEO, says the fuel-cell systems will cost about $1,000 per kilowatt, compared with $8,000 per kilowatt for Bloom. However, the company’s claim of a two-year payback is a rough estimate; it doesn’t include the cost of financing, for example, and it factors in expected economies of scale from producing about 400 fuel-cell systems per year, although the company has yet to manufacture even one complete system so far." http://www.technologyreview.com/news/518516/an-inexpensive-fuel-cell-generator/ Lets see if CFU can get another AU$5m added to it's loan over the next couple of months before worrying about competition, because it will need that to stay in the race.