Cmr Fuel Cells Share Discussion Threads

[jonwig] 27/4/2007 18:31

Yes, I'm still holding.
No news to report, hence no posts from me!
No news to report, hence soggy share price - well, I hope that's the reason.

[t0pgrader] 27/4/2007 18:11

It's all gone very quiet hasn't it. Am considering taking advantage of the lack of interest for a top up.

[cher price] 27/4/2007 17:58

Anybody else still holding these?
Thought these would fare well, but they haven't yet.

[jonwig] 14/2/2007 09:06

EBLWG - "extending battery life working group" - look at the big names down the left:

[jonwig] 12/2/2007 09:09

FY Results (early!):



Cash left of £10.6m after cash burn of £2.8m.
Three years? Allowing for increase spend going forward.

Only new thing I've found so far:

Our extensive knowledge of fuel cell technology and markets has lead to CMR's
role as industrial advisor to several national fuel cell programmes including
NPL and the bio-fuel cell consortium; our executive committee role in fuel
cells UK; membership & contribution to Intel's EBLWG and we have been invited
by DTI to be the UK's representative to the EU working group on portable fuel
cells.

Need to find out more about that.

[asparks] 09/2/2007 09:29

Westhall Capital have issued a Report Feb 07 on Voller. It's worth reading because of its analysis of the fuel cell sector in general

Recommends Buy VLR. And says VLR will be profitable by 2009



It's worth reading because of its analysis of the fuel cell sector in general

[jonwig] 07/2/2007 19:23

Brief article on the Xaar partnership - intriguing possibilities:

[jonwig] 06/2/2007 12:38

The prospectus (p10) sets out the end-2006 targets which have just been announced; though the figures don't tally precisely, they are near enough:

Vol Power density ..... 532 W/l
Areal power Density ... 25 mW/cm²
Cell pitch ............ 0.47mm

It's worth noting that the end-2007 targets are:

Vol Power density ..... 851 W/l
Areal power Density ... 40 mW/cm²
Cell pitch ............ 0.47mm

... which I think is a pretty big jump, particularly for the area density, which (at 25) is on the low side - possibly due to the deliberately small size of the stacks.

I notice they haven't referred to 2007 targets in the RNS.

[elgordo] 06/2/2007 10:33

Apparently not!

[jonwig] 06/2/2007 07:17

Technical milestone achievement:



I'll need to go back to the prospectus to check some details.
Will the market celebrate?

[jonwig] 01/2/2007 10:54

Hi ElGordo.

It's encouraging you express confidence in the management quality - I'll trust your judgement.
I think the market is indifferent to technical milestones these days - announcing them propelled ITM Power to over 300p last year, but further announcements have been ignored, and the share price is just over 100p now.

As far as commercialisation for CMF goes, I've had a look through past issues of Shares Mag, and they had this to say on 23 Nov 2006. I don't know where they got their dates from, in the last paragraph. I may have posted it before, but here it is:


CMR Fuel Cells (CMF:AIM)
Market Cap £33.2 million
Activity: Developing a direct
methanol fuel stack to be used in
portable power markets
competing with traditional
batteries.

Background: UK developer of fuel
cells spun out of Generics Group,
now Sagentia (SGA). Joined Aim
in December 2005 at 176p.
Progress: Has completed an initial
evaluation project with an
unnamed Korean OEM looking to
power PDAs with miniature fuel
cells. Entered commercial
discussions with Japanese OEMs
for portable electronic
applications.

Next step: Technical targets set for
mid 2007 followed by securing a
production partner for its
prototype cell stack by end 2007,
ready for first deliveries in 2008.
Forecast Profitability: 2010

■ Shares says: It has a
unique patented technology
and several commercial
relationships with potential
partners in a huge market.

[elgordo] 31/1/2007 23:15

Unless I have not been paying attention, that's the first time I've seen a reference to Christmas 09 as the earliest date for launch of products. Somewhat later than I had imagined, but at least it gives us a target to aim for.

By the way, I was a little surprised by the underwhelming reaction to the 25/1 announcement. There doesn't appear to be any real market in the stock, so I guess we will have to be patient for more concrete announcements in due course. Whilst the technology itself is a big gamble, one of my main reasons for investing is a belief in the strength of the board and top management, so hopefully things will continue according to plan.

[jonwig] 31/1/2007 19:10

Very bullish article here in Business Weekly. Some new stuff:

CMR and Xaar pioneering exciting industry project

By Lautaro Vargas, 31 January 2007

Two Cambridge companies are participating in a three-way international R & D collaboration that could do for the emergent fuel cell industry what the integrated circuit did for the computer and microelectronics business.

"Yours is a bit small!"

[m.t.glass] 27/1/2007 00:29

Part of an email I get from BBC2tv Working Lunch team says:
"..We're still keen to hear from anyone who has invested in a green technology company listed on AIM..."
To get in touch, please click here...


Anyone want to put forward CMR?

[jonwig] 25/1/2007 08:29

Development collaboration with Xaar (new) and Solvay (already a partner) - inkjet printing of cell stacks to significantly reduce costs:



That's a surprise to me - the technology side, that is.
Would be nice to see some revenues - are they getting closer?

[jonwig] 23/1/2007 15:34

Job advert at CMF:

Principal Fuel Cell Systems Engineer

The Role

CMR are looking to recruit a Principal Fuel Cell Systems Engineer to develop systems for the integration of our portable fuel cell stack.

Last paragraph should be framed:

[jonwig] 04/1/2007 10:17

ElGordo, no I missed IC last week.
Here's the article, though, it's free to read:



Millsig, I think Lilli... are just a man-in-a-lab at present. Certainly googling doesn't suggest they have much presence.

[millsig] 04/1/2007 10:13

From the June technical update:

Michael Priestnall, Chief Technology Officer, commented:

"Following this achievement our technical team is well placed to reach its 2006 target of volumetric stack power density of 500watts/litre and its subsequent 2007 cell and stack targets of 40mW/cm2 and 750watts/litre. These exceptional power densities of CMR's first commercial stack products will enable our customers to build portable power systems that that can begin to compete with lithium battery technologies. Our achievement also shows that it is feasible to use catalysts other than platinum in the fuel cell stack without compromising on performance."

I guess the technical team is well ahead of 2006 targets, but a technical update to confirm this would be very reassuring. It will be interesting to see how CMR's fuel cells stack up against Lilliputian Systems' SOFC fuel cells.

[elgordo] 04/1/2007 09:44

I agree about the need for more tangiable newsflow, although it is still good to see them further stengthening the board.

Did you see the article in last week's Investors Chronicle about fuel cell companies? As I recall, the only observation they made on CMF was an analyst's view that they had floated at too early a stage in their development. Let's hope for more tangiable evidence of progress towards commercialisation, either in the March results or - better still - in specific announcements before then...

[jonwig] 04/1/2007 08:46

Another nod towards commercialisation here:

CMR Fuel Cells plc, is pleased to announce the appointment of Tim Curtis to the
Board as Non-Executive Director.

The Company believes that Mr. Curtis's experience of high-growth technology
companies where he has managed the transition from research to product
development and production will be of great value to CMR as it moves towards
its goal of providing cost effective, compact fuel cell stacks for the portable
consumer electronics industry.

Following on from an earlier appointment:

Our recent appointment of Stephen Barlow as Chief Commercial Officer
was key to scaling up our commercial activities and Tim's advice will be of
great value as we look to crystallise the opportunities that arise from our
commercial efforts.

So all we need is a bit of newsflow ... (FY results around beginning of March?)

[asparks] 15/12/2006 07:35

O/T but related:
December 15, 2006

CERAMIC FUEL CELLS LIMITED TO COLLABORATE WITH GAZ DE FRANCE AND
DE DIETRICH THERMIQUE FOR RESIDENTIAL COMMERCIAL HEAT AND POWER
SYSTEM

Ceramic Fuel Cells Limited (CFCL), a world leading manufacturer of solid oxide
fuel cells for micro-combined heat and power (m-CHP) units, today announces that
it has signed a product development agreement with Gaz de France, Europe's
leading distributor of natural gas, and De Dietrich Thermique, to develop a
fully integrated m-CHP unit for the French residential market.

[jonwig] 10/12/2006 09:30

This is intriguing, a potential competitor called Lilliputian Systems, who are following the SOFC routewith the same target market as CMF:



Can't find out much about them, and no website.

[millsig] 09/11/2006 13:09

Yes indeed Jonwig, and a very positive technical update it was too.

"CMR Fuel Cells Plc is pleased to announce that its research and development programme has met and exceeded a significant performance milestone ahead of previously anticipated timescales as outlined in the Company's AIM admission document...

"CMR's engineering team has successfully developed a mixed-reactant cell which demonstrates consistent cell area power densities in excess of 25mW/cm2 with a sub millimetre cell repeat distance, using a non-platinum methanol-tolerant cathode catalyst...

"Following this achievement our technical team is well placed to reach its 2006 target of volumetric stack power density of 500watts/litre."

So let's hope the next technical update is as positive as the last one.

[jonwig] 09/11/2006 09:12

Hi millsig.

The RNS of 11 Oct suggests they have commercialisation in focus, and Stephen Barlow seems to have all the right qualifications and an impressive CV:



The interim results in August also suggest there's strong interest from consumer electronics manufacturers:



This has been on the website for a long time:

CMR is committed to work in partnership with customers, suppliers and technology providers to achieve it's aim of deploying long-running, high performance portable fuel cells. We welcome the opportunity to talk to prospective partners who share our vision and commitment to reaching our goals.

I'm hoping for a further technical update before the end of the year - the last one was in June.

[millsig] 08/11/2006 18:50

From the AFXF news on 11-Oct-2006:

CMR said its recent technical achievements have positioned it "to
overcome the logistical and commercial hurdles that have otherwise impeded the
mass adoption of fuel cell technologies by the portable consumer electronics
market".

Is this another way of saying they now have a commercially viable product and are looking for a partner?

Could there be more news just around the corner?