LONDON (Alliance News) - Ceramic Fuel Cells Ltd Thursday said it sold more of its BlueGen generators during the fourth quarter of 2014, and said it is currently looking into financing options to allow the company to continue its expansion.
For the three months ended December 31, the company sold 35 of its BlueGen small-scale generators that converts gas into electricity and heat. This is an increase from 23 units in the third quarter, reflecting the company's focus on selling to project-based schemes in the UK with larger orders, it said.
Ceramic Fuel Cells has booked a 70-unit order for 2015, after successfully finalising the company's first fully funded BlueGen programme in the UK.
During the quarter, net operating cash inflow totalled GBP600,000. At the end of December, the company reported a cash balance of GBP2 million.
The company received a GBP2.2 million tax refund in October.
The company is also continuing to expand its distribution channels in Germany, and received formal confirmation of the German Federal support system, which will allow the company to expand into other German states that don't have a capital support arrangement of their own, it said.
"In support of these additional market opportunities the company has further expanded its distribution and installation network in Germany. The company is now seeing a significant increase in enquiries through our distribution partners and installers," said Ceramic Fuel Cells.
Ceramic Fuel Cells reiterated that it continues to run its operating costs 25% below its costs 10 months ago.
"The company is actively pursuing strategic partnerships with a number of key organisations in Europe, Asia and North America. Discussions continue with potential partners to explore the development of different capacity units for specific international markets," it said.
Ceramic Fuel Cells is currently investigating its options on how to finance the additional resources needed for its ongoing expansion, said the company.
"The board continues its pursuit of joint venture possibilities with partners who are willing to pay for the company's technology or can add significant synergies to the company's operations," it said.
Ceramic Fuel Cells shares were down 15% to 0.200 pence per share on Thursday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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