Ceramic Fuel Cells Ltd.
Ceramic Fuel Cells Ltd.: Trading Update for Quarter ended 30 June 2007
Ceramic Fuel Cells Ltd. / Quarter Results/Alliance Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Ceramic Fuel Cells Limited ('CFCL' or the 'Company'), a leading developer of solid oxide fuel cells for micro-combined heat and power (m-CHP) units, today announces its trading update and cashflow statement for the fourth quarter ended 30 June 2007. In a separate announcement today CFCL, Nuon NV (Nuon), Holland’s leading generator and distributor of electricity, gas and heat and De Dietrich-Remeha Group, represented by Remeha BV (Remeha), announce that they have formed a collaboration to jointly develop a fully integrated m-CHP unit for the residential market across The Netherlands and Belgium. Since the beginning of CFCL’s financial year, the Company has now completed all its partnering objectives in Europe. The Company has secured four agreements with major utilities and boiler manufacturers in the largest and most advanced economies of Benelux, France, Germany and the UK, giving access to more than 20 million customers across Europe. CFCL is now developing m-CHP products with its launch partners as the next key stage towards commercialisation. Highlights of the quarter: Continued to make good progress on the product development projects in Germany and France. Continued to upgrade manufacturing equipment in Melbourne. Site works and equipment installation at the powder plant in Merseyside, UK. Hired local staff to establish the project office for the manufacturing facility in Heinsberg, Germany. Net operating cash outflow of A$4.1 million / £1.6 million (Q3: A$3.3 million / £1.3 million). Total cash and financial assets at 30 June 2007 of A$60.3 million / £24.1 million. Since the quarter end: Signed a product development agreement with E.ON UK for the United Kingdom residential market. Signed a product development agreement with Nuon NV, Remeha Group BV and De Dietrich Thermique for the Benelux residential market. Brendan Dow, Managing Director of Ceramic Fuel Cells, said: 'This last financial year has been a period of significant progress for CFCL, with the recent UK and Benelux partnerships completing our stated strategy of securing four EU launch partners and giving us access to the largest and most advanced markets across Europe. Product development with our French and German partners is progressing well, validating our strategy of working together with utilities and appliance partners. We will be announcing further milestones in product development as we move towards commercialization. We are also beginning to scale up our manufacturing capabilities to meet the timetable. We remain focused on successfully commercializing the mCHP unit, and are confident that we remain ahead of the curve in our development initiatives.' Contact: GolinHarris B&L GmbH, Matthias C. Baumgarten, Tel.: +69-913043-48, Opernplatz 2, 60313 Frankfurt am Main, baumgarten@golinharris.de DGAP 24.07.2007 ----------------------------------------------------------------------
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