Ceramic Fuel Cells Limited CFU sells 1,000 BlueGEN's to Baltic distributor (1276U)
28 November 2013 - 6:01PM
UK Regulatory
TIDMCFU
RNS Number : 1276U
Ceramic Fuel Cells Limited
28 November 2013
Market
Announcement
Thursday, 28 November 2013
CFU sells 1,000 BlueGEN units to Baltic distributor
Agreement signed for 1,000 BlueGEN units valued in excess of
EUR20M, to be delivered in CY2014 and CY2015
Ceramic Fuel Cells Limited (AIM/ASX: CFU), a world leader in
developing and manufacturing fuel-cell-based micro power plants, is
pleased to announce it has signed a cooperation agreement with
Synergy International OÜ (SI). Under this agreement, initially a
minimum of 1,000 BlueGEN m-CHP units, with a value in excess of
EUR20 million, will be sold to SI over the next two calendar years.
The agreement has the option to be extended for a third year.
CFU has appointed SI as its exclusive distribution partner for
the Baltic States and Scandinavia (Finland, Sweden and Norway). A
main business partner and shareholder of SI is the Tameo Grupp, one
of the biggest wholesalers of electrical materials in Estonia.
SI will be responsible for arranging the distribution and
servicing of CFU's BlueGEN product across its distribution region.
Under the agreement SI will purchase from CFU, on a take-or-pay
basis, 500 BlueGEN units in CY2014 and a further minimum 500 units
in CY2015. The first 100 systems are scheduled to be delivered in
the first quarter of CY2014. In addition to the distribution
agreement being on a take-or-pay basis, under the agreement 50
percent of the price of the initial 500 unit sale will be paid to
CFU before the end of this calendar year. Further payments will be
received quarterly in advance for units to be delivered during the
CY2014. This payment profile is repeated in CY2015 for the 500
units to be ordered on a take-or-pay basis.
Frank Obernitz, Managing Director of Ceramic Fuel Cells GmbH in
Germany, said: "I am delighted that CFU has partnered with SI in
the highly promising markets of the Baltic States and Scandinavia.
We have been especially impressed by their well established network
of major industry and policy stakeholders."
Bob Kennett, Managing Director of CFU, explained: "We are very
pleased to have received this major order. Apart from the
commercial success, the terms of the agreed take-or-pay contract
enable our company to significantly strengthen its working capital
position in response to market requirements. We are very much
looking forward to working closely with Synergy International in
what I'm sure will be a very successful relationship."
Taxation Refund
CFU advises that it has recently received a refund of circa $4M
from the Australian Taxation Office for research and development
activities relating to FY2013. The expectation of this refund was
announced on 30 October 2013 in the Company's Quarterly Cashflow
announcement.
-End-
For more information please contact:
Ceramic Fuel Cells Limited
Clifford Ashby Tel. : +61 (0) 3 9554 2300
(CFO) Email : investor@cfcl.com.au
Tel. : +44 776 4200661
Bob Kennett (CEO) Email : investor@cfcl.com.au
Tel : +49 (0) 2452 153
Frank Obernitz Email 763
(GER) Tel : frank.obernitz@cfcl.com.au
Email : +49 (0) 171 1933
Ludmila Fuhrmann 611
Corporate Communications : ludmila.fuhrmann@cfcl.com.au
Arden Partners Plc (AIM Nomad)
Steve Douglas Tel. : +44 (0) 12 1423 8900
German media enquiries
Sebastian Mewißen Tel. : +49 (0) 211
430 7926
Hering Schuppener Consulting E-Mail : smewissen@heringschuppener.com
Netherlands media enquiries
Kees Jongsma Tel. : +31 (0) 654 79 82
SPJ Email 53
: cjongsma@spj.nl
UK media enquiries
David Stürken Tel. : +44 (0) 207 379 5151
Maitland Email : dsturken@maitland.co.uk
About Tameo
Tameo MT OÜ is one of the biggest electrical materials
wholesalers in Estonia. The company offers full solutions for
projects as well as dwelling from customers special needs. Tameo
has over 4 000 different products available in stock, and based on
customer needs this list improves constantly. The suppliers are
internationally known companies and the product assortment of Tameo
complies with the standards established for quality and nature
protection. Tameo has sales offices and warehouses in Tartu, in
Tallinn, and in Pärnu. The affiliated company Tameo Electric Group
SIA operates in Riga, Latvia and also Tameo UAB in Klaipeda,
Lithuania.
http://www.tameo.ee/en/
About Synergy International
Synergy International OÜ (SI) has been founded recently in order
to establish the cooperation agreements with Ceramic Fuel Cells
Ltd. and to execute the business plan agreed on by the shareholders
of SI.
This information is provided by RNS
The company news service from the London Stock Exchange
END
AGRFDLLLXFFXFBD
Ceramic Fuel Cells (LSE:CFU)
Historical Stock Chart
From Apr 2024 to May 2024
Ceramic Fuel Cells (LSE:CFU)
Historical Stock Chart
From May 2023 to May 2024