Ceramic Fuel Cells Share News (CFU)

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).Shares in Ceramic Fuel Cells were up 33.3% to 2.5p at 10:40 on Thursday.OH