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Business Description: Ceramic Fuel Cells Limited (CFU) is engaged in the commercial development and demonstration of power generating products based on the company‚Äôs ceramic (solid oxide) fuel cell technology. CFU is also developing fully integrated power and heating products with energy companies E.ON UK in the United Kingdom and EWE in Germany.
Strategy Analysis: CFU is developing SOFC products for small scale on-site micro combined heat and power (m-CHP) and distributed generation units that co-generate electricity and heat for domestic use. The Company's strategy is to become the supplier of choice for reliable and high electrically efficient solid oxide fuel cell products, which manufacturers can easily integrate into micro generation appliances for the European market. CFU is targeting distributed generation, being the micro combined heat and power and auxiliary power markets. Initial target markets are residential houses in Australia and Western Europe, with the company continuing to invest in improvements to its core technology. Collaboration has been announced with FZ Julich, a leading European research institution, which will play a leading role in solid oxide full cell development and commercialisation. Another validation to this strategy was a number of development agreements being signed with leading energy and heating companies over France, Germany, UK and the Benelux. As part of a long term business strategy, a ceramic powder plant was built in the UK for ceramic powders used in proprietary technology. Future opportunities will be explored to make high quality powder for other applications. It is hoped that the company can successfully and efficiently scale up Australian laboratory processes into a successful European plant. The company believes that Asian markets hold significant future potential for their microgeneration technologies and will be seeking prospective collaboration opportunities in this area.
Ceramic Fuel Cells reported a net loss of $12.61m for the half-year ended 31 December 2012. Revenues from ordinary activities were $2.59m, down 21.8% from last year. Basic and Diluted EPS was (0.86) cents compared to (1.01) cents last year. The net operating cash outflow was $9.08m compared to an outflow of $12.43m in the pcp. No dividend was declared.
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