Has anyone got any ideas why VLR continues to fall? They are one of the few Fuel cell company to have actually successfully comercialised their product and the potential for future growth is huge.

Yes that certainly was a good move. It looks like the market has finally caught on to the potential of Voller, (I am now posting as G D Potts, formerly jojojo).

Profit Takers

Voller Energy Group PLC
26 April 2006

26 April 2006

Voller Energy Group PLC

Technical Update & Milestones

Voller Energy Group PLC (AIM: VLR), the leading commercial developer and
manufacturer of portable fuel cell systems, today announces significant progress
with its hydrogen reforming technology to extract hydrogen from widely available
fuels.

The emergence of this technology is one of the most exciting developments that
will enable the commercial fuel cell industry. It is a major step towards
achieving the commercial take-up of fuel cells by the end of 2007.

Fuel cells offer great promise in providing quiet, clean and
environmentally-friendly generators and battery chargers. Although fuel cell
technology has been around since 1839, the hydrogen that they require is still
not readily available. Whilst there has been much speculation about the
emergence of a Hydrogen Economy, there is still little evidence of the supply of
hydrogen being introduced commercially, therefore limiting the widespread
take-up of fuel cells.

Hydrogen does not exist naturally and must therefore be manufactured as required
or stored. However, hydrogen is widely available in hydrocarbons such as
propane or butane (also called Liquefied Petroleum Gas or 'LPG'), which are
commonly known as camping gas or Calor Gas. The 'Holy Grail' for the early
commercialisation of fuel cell technology has been the extraction of hydrogen as
required from existing fuels such as propane. LPG is tried and tested, safe and
readily available. In addition, it is easy to liquefy and transport.

In February 2006, the Company was delighted to announce its agreement with Calor Gas to collaborate on the development of fuel cells running from LPG. Calor Gas is the UK's leading supplier of LPG with over 70 years' experience in this
flexible and environmentally sensitive energy market. From 10,000 UK outlets,
Calor Gas supplies around four million homes, businesses and individuals who
rely on Calor Gas for an enormous variety of applications. The parent company of
Calor Gas, SHV, is the largest downstream distributor of LPG in the world.

Voller Energy believes that a significant step in the transition from today's
Carbon Economy to the Hydrogen Economy of the future is for fuel cells to be
able to take the hydrogen that they require from existing fuels. Up to now this
process of extraction or hydrogen reforming has been costly and requires
proprietary fuels, for example high purity LPG or de-ionised water which are not
widely available. Voller Energy has made significant progress towards solving
these problems by reducing the cost of hydrogen reforming and designing a simple
system that will run on these commonly available existing fuels.

Steam reforming

Most reformers use a process of steam reforming, combining water in the form of
steam with the fuel to produce hydrogen. Typically these systems require both
fuel and de-ionised water otherwise the impurities in the water contaminate the
system. Also the catalysts required in these reformers tend to be proprietary
and expensive, relying on precious metals such as platinum and palladium.

Voller's reformer

Voller Energy acquired KAT-chem shortly after the float in February 2005.
KAT-chem have demonstrated a pyrolyser process to extract hydrogen from propane.
A pyrolyser is a much simpler reforming technology that operates without the
need for water or steam, and in Voller's case, without using expensive
catalysts. In fact a key part of Voller's IP that is currently the subject of
new patent applications, has been the development of the low-cost catalyst which
does not require precious metals.

In October 2005, the Company successfully demonstrated in its laboratory a
pyrolyser producing 90w of hydrogen equivalent. The significance of this was
that standard Calor Gas propane was used as the input for the experiment. The
purity of the hydrogen produced was extraordinarily high. This system used this
low-cost catalyst technology.

In February 2006, the Company announced that it had signed a joint development
agreement with one of Germany's leading science research institutes, Zentrum fur
Brennstoffzellen Technik GmbH ('ZBT'), to accelerate progress in this important
area. ZBT has considerable knowledge and experience in this field.

Extracting hydrogen from LPG or propane is complex because of the chemical
structure and composition. Production of a tar like residue needs to be avoided
and impurities in the product gas such as sulphur ('S') and carbon monoxide ('CO
') would harm the sensitive membranes used in fuel cells. These components have
to be cleaned before they can enter the fuel cell.

In March 2006, ZBT successfully completed its feasibility study, validating the
design concepts of the Voller pyrolyser. Systems are now under construction for
testing.

Technology milestones planned:

Q2 2006

- Prototype designs evaluated for 1KW system

Q3 2006

- 1KW of hydrogen produced using prototype pyrolyser

Q4 2006

- Integration and test of fuel processor with 1KW stack system

Q1 2007

- Successful lab testing of complete 1KW system with Voller controller
and battery management system

Q2 2007

- Field testing

Q4 2007

- Commercially available

Stephen Voller, CEO of Voller Energy Group PLC, said:

'We are very excited about the developments that we have made with our hydrogen reforming technology. Few people have understood the depth of our own technology to date. We believe that this is an important development for the industry and is likely to accelerate the adoption of fuel cells in a wide range of
applications in sectors such as construction, camping, boating and the military.

Propane or LPG is a universal fuel available in most countries around the world.
The distribution network is mature and it will be many years before hydrogen is
as widely available. Calor Gas is extensively used in the core markets that
Voller Energy is focusing on, in particular in leisure and construction.

The UK generator industry is worth over 15 billion a year (source: Plimsoll).
These generators are used in as diverse applications as camping and caravanning,
in temporary buildings or cabins in the construction industry, for remote power
in the military, for auxiliary power in trucks and on yachts and boats. The
users of these generators would prefer to use a quiet, clean fuel cell generator
if the system would operate on a convenient fuel such as Calor Gas.''

There are over 25 million pleasure boats in use worldwide, 5 million RVs
(Recreational Vehicles) in use in North America, 40,000 new caravans built in
the UK every year, 200,000 cabins in use in the UK construction industry and
over 200,000 new trucks registered in the UK each year.

NOTES TO EDITORS:

Voller Energy Group PLC



Voller Energy is one of the world's first commercial developers and
manufacturers of portable fuel cell systems for use as battery chargers and
mobile generators.

Voller Energy is initially targeting commercially attractive areas including the
cordless power tool, leisure boating, recreational vehicle and military markets.
These are likely to be early adopters of the technology as the benefits of using
fuels cells, such as low noise, no toxic emissions and health and safety issues,
are important drivers. The portable power market is generally defined as up to
10kW and is expected to be worth $17 billion by 2011 (Canadian Fuel Cell
Commercialisation Roadmap - Price Waterhouse Coopers, March 2003).

Great post HLYeo.

One query: "The UK generator industry is worth over 15 billion a year (source: Plimsoll)."

Really? That means that every man, woman and child in Britain spends 250 per year on generators. Could they be missing a decimal point? Even then it still sounds like a lot.

Can't sit around watching this one getting away any longer - not after having missed Ceres Power and seen that hit 180 million!. In with a small-ish intial purchase at 66.4p, and will doubtless be coming back for more whenever I find any spare change down the back of the sofa.

I'm guessing that we'll see this rise a fair bit further over the coming days/months - 14 mil market cap somehow seems too cheap.

Thanks Jojojo/GD Potts for pointing this one out, and to all for your contributions to this thread.

Also got in at 66.4.
Im kicking myself that i missed ITM and Ceres ....was going to buy these a few weeks ago

I got in on Ceres at 99p but sold out at 180! So I am with VLR For the long term, in at 38 + 46, Lets see Voller fly.

I'm Kicking myself for not buying into VLR weeks ago..I nearly did several times but was put off by the dog in my portfolio TGN which is in the generator field and needs a bomb under it to move.
Finally bought in this morning with the view that I will buy more on any dips. I really think the more I read and research VLR that here we have another PDX only with more potential. The market is huge, the product is relatively cheap, they have Calor Gas in with them and quite frankly if they come up with the goods I will go and buy one myself as a generator that is quiet and can produce power to run electric products on Gas has to be brilliant for camping and a million other uses like building sites etc etc. The more I read about this product the more excited I get so I intend building up a bigger position in VLR. DYOR etc I'm interested to hear other views.
Another good article in Shares mag this morning saying BUY.
Di :-)

Thank god for Shares magazine, if it hadnt been for there article on Voller the other week I wouldnt be sitting with a 37% profit (as it stands) in just over two weeks. This is just the news I needed and im sitting tight on this one for the time being.

Anyone got any estimations about how high they will go ??

With more newsflow I think we can expect a surge over the short term, and then the long term future looks fantastic. I can see Voller reaching 120 - 150 by the year end.

Shares magazine says it is a BUY today considering its huge potential and market.

The SP has finally gone +ve on the news too.

Which is nice, as out of ten stocks in my portfolio, the other seven have turned red for the day and two are stuck!

Heading up again...time to get in

why the mkt cap so low?- have they got much happening atm or all in the pipeline?.

st- doesn't work like that i would have thought generator mkt is in business not home use relevant to construction and military etc .

Errrm . . . , have you read the RNS's posted on this thread, Lizard?

Lizard, I'm not sure I follow you.

I quote the latest RNS (see also post #23):

>>Voller Energy is initially targeting commercially attractive areas including the
cordless power tool, leisure boating, recreational vehicle and military markets.<<

Ceres Power, meanwhile is known to be targeting the domestic market, including a water boiler project providing combined heat and power for individual homes using fuel cell units the size of, allegedly, about ten CD cases stuck together. I see them initially making headway in new homes, where they will be able to supplant the need for connection to the National Grid.

When you hear the word "generator" it's easy to think of a portakabin-sized container with (for all I know) a ten-litre diesel engine inside and a massive turbine, providing power to a roadside construction site, but the point is with fuel cells that from a very compact unit they can deliver power wherever it is needed, if you need a couple of KW to run the systems on your 19ft yacht, or if you have a cluster of buildings in the middle of Antarctica needing a few hundred KW.


My feeling is that VLR has such a low market cap because other companies such as CWR have been successful in grabbing all the attention, and particularly in getting national Government support. However, I think VLR is well-placed now to play catch-up, but please DYOR.

Although I have posted for a while I still do not understnad DYOR? Also Shares Mag says Dawnday has slapped an 80p price target on Voller, which I believe is an extremely consevative view, with my view more 120 - 150 p range.

It means "do your own research".

PS - have finally tumbled to the fact that I can download Shares Mag articles. Useful tip on VLR, but I'd agree with you, GDP, that 80p seems a little on the cheap side. Don't know what I would say is fair, but over a quid would be nice.

fair discussion st- still looking into these so learning about the product. you obviously know more about the company and product than me at this stage.

i suppose the other bigger players have been around longer than vlr, so will take time for their innovation to kick in.