In the UK, CFCL has appointed two specialist mid-cap brokers with expertise in the fuel cell industry for its planned London Stock Exchange Alternative Investment Market listing.
“Through the listing the company intends to raise funds in the UK and European markets from the significant pool of institutional socially responsible investment funds and general industry fund,” CFCL said.
“The company’s intention is that the secondary raising will enable CFCL to fund the equity portion of its planned European fuel cell manufacturing plant and take the company through its current commercialisation and field trial phase, into volume production and revenue generation.”
CFCL has retained Libertas Capital as nominated advisor and joint broker to advise on the secondary raising and AIM listing. It has also retained Ambrian Partners Limited as joint broker to the issue.
Under the company’s new alliance with US-based Precision Flow Technologies, its American partner will build test systems that offer a reliable source for testing solid oxide fuel cells (SOFC) to a broad range of users worldwide, CFCL said today.
“The agreement combines CFCL’s specialized know-how and experience in SOFC development, manufacture and testing, with Precision Flow Technologies’ extensive manufacturing experience and its established international installations of Proton Exchange Membrane (PEM) test systems,” Dow said.
“The alliance with Precision Flow Technologies enables us to capitalise on our fuel cell testing expertise to generate additional revenue streams, one of CFCL’s strategic goals for 2005/06.”
Meanwhile, back in Australia a CFCL fuel cell has been installed in a refurbished office block that is intended to create a research and development test bed for environmental building solutions.
The $3 million retrofit was undertaken by owners the szencorp Group of sustainable development companies and property developer the Lascorp Group.
The refurbishment of the building at 40 Albert Road, South Melbourne – known as "40A" is aimed at demonstrating minimum energy and water performance standards to minimise outgoings and running costs and demonstrate that green is commercial, szencorp chairman Peter Szental said.
The fuel cell, a demonstration version of a domestic combined heat and power (micro-CHP) unit, is designed to produce 1kW of electricity and heat for hot water.
The CHP unit is designed and manufactured by Ceramic Fuel Cells Limited. It converts natural gas into electricity and heat through an electrochemical process, rather than direct combustion, resulting in significantly higher energy efficiency and lower greenhouse emissions than conventional coal-fired power stations, according to CFCL chief executive Brendan Dow.
"Micro-CHP is growing in prominence in the home and small office market in Europe, the UK and Japan," Dow said.
Szental said the fuel cell CHP unit was smart technology, environmentally and commercially sustainable and the way forward for office owners and tenants.
"Embedded generation solutions, which substantially cut greenhouse gases, will become a standard in commercial development in the future," Szental said.
In addition to rainwater collection and grey water treatment, the building will use a state-of-the-art computerised system that will continually monitor the building to take advantage of daylight and natural ventilation. Photovoltaic solar panels will also be installed on the roof. By using gas to power the air conditioning, 40A will cut its electricity demand by up to 42% during peak times, according to Szental.
