Renewable players - any thoughts on whether CFU can really challenge CWR for its Fuel Cell Crown?

Link to CFU's Homepage -

http://www.cfcl.com.au/

a major shareholder seems to think so

Positive Update and newsflow should boost the shares in the coming months. Im buying In.

CERAMIC FUEL CELLS LIMITED


TRADING UPDATE FOR QUARTER ENDED 30 JUNE 2006


Ceramic Fuel Cells Limited ('CFCL') announces its trading update for the fourth
quarter 2006.


Key Highlights:


Receipts from customers for the full year up 377% due to increased field
trial activity;
Final conversion of convertible notes to shares, reducing the company's
debt to zero;
Net cash outflow for the quarter down 5.2% and down 21% for the full
year;
Two further patents issued for the company's solid oxide fuel cell
(SOFC) technology;
Two senior management appointments.


Financials


Receipts from customers for the full year were up by 377% to A$953,000
(381,000), compared with A$200,000 (80,000) for FY05. The increase in receipts
relates principally to the Company's field trial programme of its Combined Heat
and Power (CHP) demonstration units. The Company expects to receive further
revenues from these trials, particularly following the announcement on 29th June
when the Company signed a further contract with EWE, the fifth-largest German
multi-service energy company. Under this agreement, CFCL will supply EWE with
ten NetGenTM units for further field trials as part of a collaborative project
to develop commercial-ready micro CHP products for the European market. This is
CFCL's most significant contract to date, taking the company within striking
distance of its target of selling 12 NetGenTM units by the end of 2006.


During June 2006, the balance of the convertible notes (A$8.2m / 3.28m) issued
in August 2005 were converted into 16.4m shares, reducing the company's debt to
zero. This means that the Company can use all of the funds raised at the time of
its flotation on AIM in March 2006 for its commercialisation activities, rather
than repaying these notes.


The net cash outflow for the final quarter was lower by 5.2% (A$2,466,000 /
986,000) compared to the third quarter 2005 (A$2,600,000 / 1,040,000). Higher
staff costs for the final quarter were offset by the interest earned on invested
funds. Net cash outflow for the full year was (A$12,208,000 / 4,883,000), down
21% compared with FY05 (A$15,226,000 / 6,090,000).


Capital expenditure on assets during the fourth quarter increased significantly
to A$540,000 (216,000) compared to A$75,000 (30,000) in the third quarter. The
Company expects capital expenditure to continue to increase as the company
upgrades its Australian production facilities and invests in its European
specialist ceramics powder manufacturing plant and fuel cell manufacturing
plant. Otherwise, underlying operational costs were in line with previous
quarters.


The Company's cash position at the end of the quarter was A$86m (34.4m)
compared to A$5.3m (2.1m) on 30 June 2005.


Technical


The Company is delighted to announce that it has been granted two further
patents for its solid oxide fuel cell (SOFC) technology.


The first patent has been granted in the USA for a zirconia window frame, a
structure which enables anode supported SOFCs (connected by metallic plates) to
be flatter and easier to seal, thereby improving the performance of the cell and
making them easier and cheaper to manufacture. The Company has already been
granted patents for the same invention in Australia and South Africa and has
applied for patents in Canada, Europe and Japan.


The second patent has been granted in Europe for an electrically conductive
metal surface treatment for a ceramic-metallic SOFC design. The patent has
already been granted in Australia and the USA and the Company has applied for
patents in five other countries. This technology of coating the stainless steel
used in a fuel cell stack with oxide, allows the plates to be more conductive
and hence produce more efficient power.


CFCL now has a total of 50 patents in 28 patent families, each family
representing a single invention covered in multiple jurisdictions. These patent
families cover inventions relating to SOFC materials, cell and stack
configurations, fuel processing, stack thermal management and system control
technologies.


These two new patents are examples of the Company's broad experience with a
range of fuel cell designs and materials, having successfully designed, built
and operated both all-ceramic and metal-ceramic composite kW-size fuel cell
stacks.


This broad experience gives the Company a wide range of expertise and background
knowledge to continually improve the Company's fuel cells rather than
specialising in just metal-ceramic or all-ceramic designs.


The Company looks forward to announcing further technical improvements over the
coming months.


Management Appointments


In July 2006, two senior managers joined CFCL's UK office, a reflection of the
Company's increased focus on commercialising its technology and scaling up
production, particularly in the European market.


Mike Atkinson joined the Company in a new position of Manager, Capital Projects
and will report to Brendan Dow, Chief Executive Officer. He will also form part
of the Executive Management Team. Mike will be responsible for managing CFCL's
capital works projects, in particular its new powder plant and the fuel cell
manufacturing plant. Mike has had extensive international commercial and
engineering experience in managing major capital projects in high technology
industries. He joins CFCL from six years at Johnson Matthey where he was
responsible for managing the construction and commissioning of Johnson Matthey's
dedicated fuel cell manufacturing facility in the UK, from site selection and
factory construction, through to equipment procurement and commissioning and
factory operations.


Simon Howard joins the Company as Powder Manufacturing Engineer. Simon is a
specialist ceramics engineer with 17 years experience in engineering and
technologist roles in ceramic manufacturing companies, including Morgan Electro
Ceramics, Fairey Industrial Ceramics, Wedgwood, and Twyfords Bathrooms.


ENDS

Nice 180,000 Buy above the ask today.

all quiet now

860,000 sell barely moved the sp yesterday, interesting play over the coming months. Could move rapidly when orders from EWE received.
Where is GD Potts?

the australian price is doing nothing either

Until serious news comes about this one will sit just like previously with Ceres - positive results and still definately one for the 1 - 3 year high risk portfolio.

its headed for a breakout in aus

Hope so, bought in on Friday.

From a post on AFN is seems CFU is the main SCSW tip from this weekends monthly update.


rogerl - 7 Oct'06 - 12:03 - 235 of 235

Main SCSW recommendation today - "speculative buy"

heard a few rumours too that CFU could well be ahead of the game - perhaps a switch over from Ceres holders to CFU is likely - going to bet a large chunck of my porftolio on either These, SEO or GTL tomorrow just waiting to see.

Profit Watch (part of Fleet Street Publications) is tipping these in a comprehensive report over the last couple of days after extensive research on their part.

Not seen the report but understand CFU is well ahead of the game with their CHP SOFC.

Also understand that there has been an alternative energy conference in London yesterday at which details of CFUs progess would have been made known.

I hold these shares.

Some largish sells shown at the days end, anyone know if these were actually buys??

what sp did you get in?

GDP: 28p

I'm in at 28p after reading the SCSW because they stated that CFU should be moving into high gear in the next couple of months. They also added that potential newsflow could set the SP on fire!

closing trades: All buys!

Trades for 23-Oct-2006
Time Volume / Share Price
16:37 1,000,000 @ 29.88p
16:32 500,000 @ 29.88p
16:31 250,000 @ 30.00p
16:31 250,000 @ 30.00p

GD Potts: Can you put this link to CFU's website in the header to this thread please:


http://www.cfcl.com.au/

There you will find a copy of the Annual Report and other supporting documents.


Also: CFU launched its prototype micro fuel cell system 'NetGen' for domestic applications at the Ninth Grove Fuel Cell Symposium in London in Oct 06.

As well as providing , hot water, heating and electricity to homes, it will also supply excess generated elecricity back to the grid and can be monitored on the internet. (See Smart Power News Letter on CFU's website)

Net Gen is about 40% of the size of the previous demonstration units.

Lots of news today:

Quarterly summary of Cash Burn.

Grant of Options to Board Members

Yet another Patent granted.

Ceramic Fuel to build plant in Europe; moves towards commercialisation UPDATE
AFX


(updates with details of new patent)

LONDON (AFX) - LONDON (AFX) - Ceramic Fuel Cells Ltd (CFCL), a manufacturer of solid oxide fuel cells, said it will construct a plant in Europe to produce high quality ceramic powders, which are a key component of solid oxide fuel cells, using its patented technology.

The powder plant is scheduled to be commissioned in the first quarter of 2007.

In a trading statement, CFCL said it is 'now at an advanced stage of development, and is moving swiftly towards commercialization'.

CFCL posted a negative cash flow of 4.4 mln aud during its September quarter.

In a separate release, the company said it has been granted another patent for the use of aluminium-iron alloys for fuel cell system components by the European Patent Office.

The alloys, which are highly corrosion resistant and inexpensive to produce, will allow CFCL to continue to reduce the cost of commercial appliances using solid oxide fuel cells, it said.

Patents have also been granted for this invention in Australia and South Africa and are pending in other countries, the company added.

With the advent of the Stern Report and talk in the Sunday press of the need to legislate use of Green technology in New Build Homes, all supports CFU's prospects. DYOR

Does anyone know what the Target Price is for CFU?
Thought they would have gone up with the news on the 30th!!
Thanks
Simon

The broker, Evolution, has initiated coverage of Ceramic Fuel Cells appending a buy recommendation and a 36p price target.

Where di you read that silver mede? Do you have a link?
Thanks
Simon

Simon102:

go to www.hoodlessbrennan.com, click on Read Market Comment in the the Market Comment box in the bottom RH side of the Home Page.

I see Fleet Street Publications are still touting this one via E Mails today

For a change I investigated further and looked at the website of this company and looks a pretty impresssive product.
Could be a money spinner to tuck away, and could well interest some of the majors such as Siemens , Honeywell etc etc
I think I may get on and enjoy the ride

Whats with all the sells today?

Anyone know why they went down nearly 5% today?
Thanks
Simon

simon
the markets do trend analysis and they noticed that I bought in on 22/11 and that was an indicator for everyone to jump ship!!!!!!!!!

Good luck mate

They tend to do that with me too. Should stick to keeping my money in the bank!!!!!! ha ha

Maybe not Simon -

CFU continues to move up.......

SP still in the ascendant! Bags of potential here but DYOR.

The Next Ceres !!!
Exactly what is happening - in chronolgical order too.

Prepare for a sustained surge

I hope you are right Potty....why do you say 'prepare for a sustained surge'

good luck mate

Unbelievable, not been watching and my "sell if" got triggered for a nice little profit. Interesting now that market cap >Ceres Power (CWR).
How much higher can sp go without a brokers note detailing more details of the deals with Gaz de France and De Dietrich? Is the steady stream of buying people on a bandwagon or is there more info available?
I had a target price 45p, question is where can this sp go?
I will re-assess before jumping back in as there may be some profit-taking soon?

apparently article in papers today with 3 new contracts just about to be signed

Which paper was that then?

Daily Express 28/12

Pistion Broke - Sustained surge, that's what Ceres did after the market finally realised its potential and now I expect that with CFU

what is Pistion Broke?

I believe he/she was referring to mwoolgar's comments about several articles in the national press about CFU.

Gone down a bit now. May buy in more stock I think.

Shares finally put CFU on their Green Portfolio this week, all be it seriously late, but thats just the way some are. - Slow.

No Matter GD P, at least that re-curring visisbility should underpin the SP.

Some steady buys this morning, anything mentioned in Shares Mag today, not seen it yet??

Any of you guys know why this has gone up 15 to 20% in last couple of days...any rumours of contracts in the offing??????????
rgds..pb

Despite being a bit nervous couldn't help it & got back in last week for 43.9p, just got a good feeling about this, CFU could be very close to adding deals in UK and Netherlands to add to the deal in France and still working with EWE in Germany. The next Ceres? Probably much better!!!!

Profit Takers are in!!

Ceramic Fuel Cells Limited
31 January 2007


31 January 2007

CERAMIC FUEL CELLS LIMITED

TRADING UPDATE FOR QUARTER ENDED 31 DECEMBER 2006

Ceramic Fuel Cells Limited ('CFCL' or the 'Company'), a world leading
manufacturer of solid oxide fuel cells for micro-combined heat and power (m-CHP)
units, today announces its trading update and cashflow statement for the second
quarter ended 31 December 2006.

Highlights of the quarter:

Signed an exclusive, three way agreement with Gaz de France and De
Dietrich for the French residential market

Established site for volume manufacturing facility on Nuon industrial
park in North Rhine Westphalia region of Germany

Continued to make system improvements to increase efficiency, reduce
size and optimise balance of plant components of fuel cell units

Net operating cash outflow of A$4.8 million / 1.9 million (Q1: A$3.0
million / 1.2 million)

Net cash and financial assets at 31 December 2006 of A$75 million / 30
million

Since the quarter end:

Secured a site in Merseyside, UK, for the production of ceramic powders

Brendan Dow, Managing Director of Ceramic Fuel Cells, said:

'The quarter ended 31 December saw significant progress towards the achievement
of our business plan and further validation of our approach. The signing of an
exclusive, three-way agreement with Gaz de France and boiler manufacturer De
Dietrich addresses one of our key target markets and demonstrates our ability to
meet our strategic objectives on schedule. With the announcement of the proposed
development of a fuel cell foundry also in the quarter, we are on track to
deliver commercial volume units to customers in 2009. We look forward to further
positive developments in 2007.'

More info in the RNS.............

Was this a good update? as the shares went down a bit but they started the day up. do we think its just a bit of profit taking?
thanks
simon

The market is trying, and I think amongst the major players, to play down technical updates as a significant boost to the S.P., as was happening last year with Ceres and ITM hitting 3 after technical updates.

Its a very calm share price at the moment. No movement for the last 5 or so days. Lots of trades though. Is it the calm before the storm? Or the calm before the we've signed some more deals with major players?

Any Thoughts out there?
Thanks
Simon

Anyone have any thoughts on the results due at the end of this month?

Anyone know what the big sells were today? Alot of buys though afterwards. Results on Monday so has anyone got any thoughts or has everybody forgot how to type!!!! ha ha
Thanks
Simon

Hold and wait and see is what I'm doing. Just before the announcement of deal in France there was some large selling and then sp moved up. I doubt anything negative has happened since so maybe just some freeing up of shares for institutional demand??? Who knows? I certainly don't but I aint selling up, too much going on and too much potential.

Thanks Andy. I think I get too scared and I always sell just before a SP shoots up but not this time. I shall be brave and hopefully make a fortune!!
Simon

Holding & waiting!

Wasn't that bad a results was it?

There was bound to be some selling off after results, due to the recent rises and stilll some way to go to achieve profitability, albeit the company is meeting its milestones. No bad news contained within, all on track and significant progress has been made. On that basis, happy to hold.

In my opinion the results were all that we could expect. I have bought into CFU on their potential and at this stage its mostly spend spend spend, so a small cut in loss is a real bonus.
With most shares, just before the results are due,there is some buying activity, as peoples are hoping for some blinding news. Then they sell for a quick buck. In this case nothing to cheer up those types and so they have jumped ship.
Personally I woudnt be disheartened if there was a 5% to 10% drop before any more good news hits us.
I know that with some AIM stocks you have to get in and out quickly and at the right time too, but if you are in CFU my view is just keep an eye on them, but take the view that in another 12 months you will be doing very nicely

ditto

Oh Dear!!!! Should have sold at 52p. Now making a loss!!!! bugger!!

Just listened to the web cast on CFU site. SOunds like they are in negotiations with UK companies. Sounds promising but they say it just takes time to get the deal right as its a 3 way negotiation.
Simon

More good news from Germany today, another agreement with a boiler manufacturer and EWE, also whispers of the anticipated UK deal with Powergen.
Need to be in on this one.

Andy,
Where did you here about the Powergen rumour?
Simon

DAILY EXPRESS


Share Whisper:
*Rehashed gossip that Ceramic Fuel Cells (CFU.L) is close to sealing a deal with Powergen.

Now that would send the SP up alot.

Anyone have any thoughts on the Trading Update Next Week? Yesterdays partnership had no impact on the share price but I thought it would have gone up a bit at least!!

There were some big buys today. Hopefully that is a good sign for Monday's Trading Update.

Not worried. this is long-term investment for me & expect more deals soon.

Has anyone heard any rumours on the UK deal possibly with Powergen?

Seems to be a lot of sells in the last few weeks. Anyone have any thoughts on that? Read in one of the Brokers updates that the potential SP could be 2 when hits commercialisation.That was on Interactive Investor Discussion Board.
Thanks
Simon

From the FT: Talk that Powergen is set to trial Ceramic Fuel Cells CHP device

http://www.ft.com/cms/s/87d9f5d4-1883-11dc-b736-000b5df10621.html

Here's the thread.

Has anyone heard anythink about the Powergen trials? I don't think they have announced it but I have heard Powergen are trialling the M-CHP Units?

Simon

The most impressive thing from the agreement with EON is they say 'we believe that CFCL's technology is the most advanced offer in the market'.
This should boost the confidence of shareholders and further news should boost the SP.
Although the rise yesterday has nearly been knocked out by todays fall!!!!! madness!! Why the sells today after the good news. Thought it would have continued to rise for a bit at least!!

Simon

Anyone know why the SP has gone down lower since that excellent announcement with Eon? Doesn't make sence to me!!!!

Could be a big day for cfu especially after ceres rocketing recently
CERAMIC FUEL CELLS LIMITED



TRADING UPDATE FOR QUARTER ENDED 30 JUNE 2007



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 commercialisation. We are also beginning
to scale up our manufacturing capabilities to meet the timetable.'

'We remain focused on successfully commercialising the m-CHP unit, and are
confident that we remain ahead of the curve in our development initiatives.'


Ceramic Fuel Cells will host a conference call for analysts this morning at
08.30 British Summer Time. Please contact Hogarth PR on +44 (0) 20 7357 9477 for
details.

OK. So it started off good but what happened!!!! We get good news and nothing. Ceres gets no news and goes up loads.
Anyone have any thoughts on this weird stock behaviour?!!!!

Thanks
Simon

The market is a manic depressive beast akin to a J.K. Rowling invention!

CFU mentioned in the Times today as a Tiddler To Watch

So it goes down. It goes down on Good news. I wonder if it will go up on bad news!!!! he he

Not sure what s happening with CFU at the moment - Am holding ITM and VLR at the moment but would be tempted to switch back if the SP started responding to newsflow (Considering that is what drives the SPs of these companies higher, whilst waiting for news the tendancy to drift is more prominent).

Will be a very interesting 12 months in the fuel cell sector = I believe a few companies will emerge as industry leaders and CFU looks well placed to do that.

The SP is not doing good but due to all the recent news it should be. What is the problem with this! Loads of sells today. Are people just getting fed up?
If I sell then they will surely go up, so I am staying in.
Anyone know who the UK boiler manufacturer may be?
thanks
Simon

Simon, when the news came out and it shot up to 46.5p, I set a sell if 45p to get out with some profit. With all the "current" news now in and the uncertain markets at the moment I felt sp might fall for a while until the company is in an operational state and profits in sight. Funny these technology companies, sp can race away on anticipation of deals and when they materialise sp can often re-trace a while.
I will pick my moment to get back in as future is very positive for CFU and as the Powergen bloke stated, CFU is the most advanced fuel cells company out there.

Thanks Andy. Do you know anythink about the Whispergen unit and how that compares with the CFU boiler to be. Are these different products as they seem to be similar but Powergen has links into both?
Thanks
SImon

Oh Dear!!!! Not a good day today. Hopefully next week will be better!!

What the hell is going on with these now. I'm starting to get seriously naffed off. Someone please give me some good news!!

ITM hit by 10% today too.

Acta , Ceres and Voller have all been hit hard over the last week. Suspect its nothing specific to Ceramic Simon. Could be good buying opportunity

What is going on with this company. Please can someone give me some good news!!! It seems a top company, it has signed some top deals yet the SP has been going down!!
Thanks
Simon

perhaps because no significant newsflow is expected until 09. only imo though

Well, We've had some news flow and still its a flat & downward SP!!! I think too many people are into tyhe short term gains and not a mid term (1.5 years) if thats mid term. Then this should shoot up. Any idea what this wll be worth in 2009 when they go commercial in 4 countries?
Simon

Ceramic Fuel Cells wins European safety approval for home heating system

AFX LONDON (Thomson Financial) - Ceramic Fuel Cells Ltd said it has won European 'CE' safety approval for its NetGenPlus home heating system, and can now run trials and commercialise the system.The company has several partners, including Gaz de France and E.ON UK Ltd, through which it will rollout the system.TFN.newsdesk@thomson.com

whats happening here then, up >30%

the markets killing fuel cell companies and ignoring technical updates but when solid orders are confirmed the shares are going to go skywards as its proving that their value could be nearer what all the speculators pushed their prices to a few years ago.

Missed that announcement as was out yesterday, looking good, might get back in having banked profit last year.

Holding up well at the moment.
At last a Fuel Cell company that has a viable product to bring to market.
If the proviso`s are met, then this order will be one of many to come.
I bought back in yesterday and eagerly await some more orders from perhaps E-ON.
Here`s hoping.
Cheers.

Fuel cells are coming, sooner or later the market will wake up big time to the likes of ITM (orders needed) and CFU and one or two others !

Does anyone know "how" this new plant in Germany is to be paid-for?

Anyone confirm this is an Australian business...?

In here. Looks set for a decent rise imo.

This placing of new shares sounds like a good thing as there are new institutional investors but the market sees it as a bad thing as the SP went down. Whats peoples thoughts?
Thanks
Simon

THESE ARE FLYING BEEN HOLDING FOR A WHILE TOPPED UP FIRST THING THIS MORNING

Moved up today,results on 28.8 08.

Partially relevant
http://www.treehugger.com/files/2006/06/offgrid_man_jai.php

Moving up again what is going on??

But not today - Results day!!!!

Running out of cash...


Ceramic Fuel in cash raising discussions

Ceramic Fuel Cells says it is continuing to pursue several options to raise additional cash, including equity funding. The Company has also been looking to liquidate some of its financial investments, subject to market conditions and pricing.

The Company has recently sold one of its investments for A$2.4m / 1.1m cash. This investment was sold at a discount of 50%, representing an impairment of $2.4m to its face value.

In October the Company announced that it was likely to take an impairment charge of up to $13m for one of its investments. The Company is exploring several options to realise value from this investment which would reduce the amount of this impairment charge.

Ceramic says it is currently in discussions with several existing institutional investors about a potential equity fundraising. The Company expects to make an announcement about the outcome of these discussions, and give a further update on its finances, shortly.

The Company is looking at taking legal action to recover losses suffered in relation to its investments and has received an offer to fund the costs of this litigation. The Company will provide a further update if and when it accepts this offer.

This would be a major shame, as a previous investor in CFU, the technology being developed would be an advantage for everyone in the future.
Surely could be an opportunity for an energy company to take-over?

It makes a very good read.
This is the news we have been waiting for although still waiting to see what they will do on the financing front. They seem to be handling it well though - Taking legal action, liquidating investments etc.
The product news is fantastic and they have basically met their requirements for the nuon order. Factory put back to October but not really an issue.
The market in the UK can't see this good news though as they are a bunch of muppets!!!!!

I can't believe no one has noticed the sharp rise in this one---blue sky potential ??I hope so I 've bought in. New products being launched and recent funds raised.

Up 10% on news today. My sleeper has woken.

new factory due to open early october in Germany--lots of orders to follow then I hope.

See post 112 first.

History will soon repeat itself, because the Q1 2010 cash burn was 4m. This only leaves enough cash at that burn rate to last until mid-November 2010. Meanwhile CFU sales of single units into trials won't see any sales from those trials until the trials are completed, the trouble is they all kick off in Q2 2010 or later and are all scheduled to last for 12 months to 24 months, so no sales there until after CFU run out of cash.

Aside from existing trials, the CEO has stated in RNS that he only expects to sell 'a couple of hundred units in 2010'. This won't cover the operating costs because CFU need to sell 2,366 units at 40% margin just to cover the current burn rate.

IMVHO CFU will need to raise enough cash to last until they can reach break-even.

The CEO says he 'expects to sell a couple of thousand units in 2011', which is a possibility if they can convert the one year trials into orders when they fininsh in Q2 2011 or later. The thing is, it's not guaranteed that they will, or even if they do, that they will then sell enough units to reach break-even in 2011.

Therefore I believe CFU will need to cover themselves for cash into mid-2012, by which time some of the longer term deals should bring in some sales and they should make it to break-even.

The result of my research outlined above, is that CFU will need to raise 16m to get to Nov 2011, and a further 10m to reach break-even in mid-2012.

So following the 'history repeats itself' refernce post 112, I see CFU raising 26m very soon. This is a huge amount to raise. It will have to be done at a big discount to the current share price. It will create huge dilution for shareholders.

I see CFU as a sell. Buy back after the fund raising with a view to profitability in H2 2012.

You might be interested in the Hoodless Brennan view of mCHP.

29/06/2010
AFC remains the forgotten fuel-cell in institutional investors who seem fixated on Ceres and CFCL. Sooner or later they will have to recognise the opportunity for AFC is more realistic with Chlor-Alkali producers and Underground Coal Gasification than with consumers replacing boilers Continued SPECULATIVE BUY.

http://www.hbmarkets.com/stock-research-prices/small-cap-flash/read/

Check out an interview with the CEO of CFU.

Click here

Listen to an interview with Bob Kennett, CEO of Ceramic Fuel Cells Limited

Click here to listen

I see someone else has had the same idea in the past... they've just brought out another interview about the cashflow for the quarter ended 30 June in London South East interview with CEO

LISTEN: Bob Kennett, CEO of Ceramic Fuel Cells, discusses cooperation agreement with Synergy

Click here to listen

LISTEN: Ceramic Fuel Cells Limited #CFU - CFU to sell its powder plant assets

Click here

LISTEN: Ceramic Fuel Cells Limited #CFU - Fundraising announcement

Click here to listen