Ceramic Fuel Cells Share News (CFU)

Shares in Ceramic Fuel Cells plunged more than a third on Thursday after the group told investors Synergy International had breached the terms of its contract by failing to make a pre-payment. The contract had a value of more than 20m euros. The pre-payment, the deadline for which had aleady by extended by six weeks to February 18th, was in exchange for the delivery of 1,000 BlueGen units. Synergy, an Estonian distributor, has reportedly not made clear why the pre-payment had not been made, but Ceramic Fuels said it feels that it is "highly unlikely that the pre-payment is going to be received in the near future". The contract was for the delivery of a minimum of 500 units in 2014 and a further 500 units in 2015. It was secured on the basis of a cash pre-payment from Synergy for the first 500 units to be delivered in 2014. Ceramic Fuel shares had slumped 37.89% to 1.18p by 10:23 on Thursday.NR