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CERES Power lookalike?

Guardian article on 15.3.06

There was renewed interest in Ceramic Fuel Cells (CFC) yesterday. The Melbourne-based company joined Aim this month following a £37m fundraising at 21.5p. Although its shares have made steady progress since listing the company trades at a BIG discount to rival Ceres Power. Ceres shares rose 22% on Monday after revealing it had successfully tested a 1 kilowatt fuel cell stack. Ambrian Research reckons this is unfair. CFC has also developed a 1kw stack that generates sufficient power for the average home. But unlike Ceres' product it is being tested in the field by several utility firms. As such, Ambrian estimates CFC is THREE years ahead of Ceres but notes the company is worth almost £100m less. CFC shares rose 2p to 27p, while Ceres Power added 4.5p to 283.5p.



I like this bit "Ambrian estimates CFC is THREE years ahead of Ceres"

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From the website:

Our unique fuel cell design, is based on work done within the leading Australian institution, the CSIRO (Commonwealth Science and Industry Research Organisation), from which the Company spun off in 1992 with the support of many contributing partners before listing on the Australian Stock Exchange in 2004. In that time we improved the design, systems and product configuration of our solid oxide fuel cells, whilst winning an international reputation in our field.

The Company has a pragmatic business strategy to take our fuel cells first to the international appliance industry where they will provide both highly efficient electricity plus heat for hot water systems (generally known as micro-CHP). We will also continue to examine other product options.

CFCL is initially focused on an existing and growing micro-CHP market in Europe. We established a UK subsidiary in August 2004 and engaged staff immediately to focus on European prospects. We will then move into other growing micro-CHP markets in Asia and North America.

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CFU is an Australian company established in 1992.
Listed on Australian stock exchange 05 Jul 04: http://www.asx.com.au/about/pdf/listing/Listing06CFU.pdf
CFU remains listed on the Australian stock exchange:
http://tinyurl.com/ool29

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Date listed on AIM = 02 Mar 06
Shares in issue = 288,176,448
Placing price = 21.25p
Mkt Cap on listing = £61.2 million
Money raised = £33.7m net