The Flow boiler is nothing like the CFU Buegen unit.
Bluegen used a fuel cell to chemically change fuel into electricity. The Flow unit uses a mechanical scroll turbine. Flow only creates electricity when water is being heated meaning it doesn't generate much electricity when it's warm or in warmer climates. Bluegen creates electricity all the time at a high efficiency.
Flow would have its uses, but there is no comparison to Bluegen or fuel cell units.
Ernst & Young
8 Exhibition Street
Melbourne VIC 3000 Australia GPO Box 67 Melbourne VIC 3001
ASX MARKET ANNOUNCEMENT
Ceramic Fuel Cells Limited (In Liquidation)
ACN 055 736 671
ASX Code: CFU
Tax Declaration to Shareholders
Dear Sir / Madam
Tel: +61 3 9288 8000 Fax: +61 3 8650 7777 ey.com/au
I refer to my appointment together with Mr Justin Denis Walsh as Joint and Several Administrators of the Company on 1 March 2015 and to our subsequent appointment as Joint and Several Liquidators on 16 April 2015. I also refer to previous announcements published on 6 March 2015, 27 March 2015,
21 April 2015 and 9 June 2015.
In accordance with Section 104-145 of the Income Tax Assessment Act 1997 and a CGT Event G3, the Joint and Several Liquidators declare that there are reasonable grounds to believe that there is no likelihood that the Companys shareholders will receive any further distribution with respect to their shares. The effect of this declaration is that shareholders have no ongoing economic interest in
Shareholders should seek professional advice in respect of the tax consequences of the Liquidation of the Company and the above declaration.
Shareholders are able to receive updates in relation to the Company from the ASX Announcements web page.
Joint and Several Liquidator Ceramic Fuel Cells Limited (In Liquidation)
ACN 055 736 671
CC: Personal Tax, Tax Technical Network CGT Australian Taxation Office
PO Box 9003
Penrith NSW 2740
A member firm of Ernst & Young Global Limited
Liability limited by a scheme approved under Professional Standards Legislation
Justin Walsh Joint and Several Liquidator Ceramic Fuel Cells Limited (In Liquidation) ACN 055 736 671
Ceramic Fuel Cells (CFU) is no more, having appointed voluntary administrators yesterday evening. The fuel-cell-based, micro power plants developer said that it has been unsuccessful in securing further funding to explore a corporate transaction to maintain the future operations of the company and as such was left with no option but to place the company under external administration. The news comes just a few months after the firm raised 1 million pounds in a rights issue and received a 2.2 million pound tax rebate from the Australian tax office. The shares were suspended at 0.25p having traded at 53.25p back in 2007.
I told you this will happen and next the creditors will get the ip, besides your
Manager has also Access to that !! Told you so and was blamed a basher !!
Never the less i do not wish anyone to end up like this , good luck !
It was the first exhibition at exell, we spoke together and had a chat with a rep from Germany,
Also you recommended a share pusuit dynamics to me, I won't say any more about that one.
We also visited Ceres power where they had the empty boiler case.
Do you remember at the exhibition we were told that the casting problem was solved by the
CFU rep, well I don't think that was true, also the information about the involvement of E-on.
I could never get an answer from the so called training school for CFU products, this I found very strange,the more questions I asked the less information I was able to get,that's what made me move on from this, at a loss.also Desertwolf did speak a lot of sense, thanks to him.
Agree with your comments. Like all "Disruptive" technologies, it relies on some clever marketing, good contacts and a large backer to bank role them through to success. It seems like the new Management team failed on all accounts, however as you say I would not be surprised to see the IP appear under another company.
To all the Scientists and Engineers that developed and refined the product over the years thank you for your efforts. There are over 550 units out there why no one could put together a marketing strategy that got the product known and sold will always puzzle me.
To the long term partners well I guess you can stop your multi-year testing programs on the various configurations of CFU Products you have. You won this endurance game.
To the Australian Government shame on you for not supporting an amazing product, a product that Australian Tax Payers essentially paid for the initial development of through your CSIRO Govt Department. From reading you have an amazing and consistent record of creating world class products and not supporting them. Shame.
To the various European Governments and in particular, the German Government congratulations for supporting CFU in many ways.
To the Church in Portsmouth that has just taken delivery of a Bluegen unit please say a quiet word for all the amazing people and their families, who created this product. Perhaps it was just a little ahead of its time.
Not much more to add will keep an eye on the boards, however I expect that the receivers will do their job and look to delist CFU and wind what little is left up.
Pity but not unexpected, good product, a mark 2 better version about to be launched and an integrated unit in development. Unfortunately the company could never get the economies of scale production and never anywhere near breaking even. If the company was able to sell around 600 Bluegens per year it may have survived.
As I have previously stated I expect the Chairman and related interests to take the IP that they already have the rights to, and start a new private business and keep operating out of the same factory. Shareholders will get nothing because the IP has already been mortgaged during a previous fundraising.
Appointment of Voluntary Administrators
The Directors of Ceramic Fuel Cells Limited (Company) have resolved to place the Company into
external administration. Adam Nikitins and Justin Walsh of Ernst & Young have been appointed
Voluntary Administrators of the Company, with effect from yesterday evening. The appointment of the
Voluntary Administrators to the Company in Australia will also impact the international corporate
operations of the Company, which the Voluntary Administrators will consider.
The Company has been unsuccessful in securing further funding to enable it to explore a corporate
transaction to maintain the ongoing future operations of the Company and the Directors have been left
with no option but to place the Company under external administration.
The Board deeply regrets the inconvenience and disruption that this will cause the Company's
workforce and clients.
In light of the above, the Company has requested suspension of the Company's shares from trading
with immediate effect.
The contact details of the Voluntary Administrators are:
Ernst & Young
8 Exhibition Street
Melbourne VIC 3000
Telephone: (03) 9288 8000
Facsimile: (03) 8650 7706
Dated: 2 March 2015
Adam Nikitins Justin Walsh
Voluntary Administrator Voluntary Administrator
Benefits of Decentralised Production of Heat and Power for small energy consumers in the spotlight
25 Feb 2015
Between 60% and 70% of homeowners find micro-CHP "appealing", according to a survey presented at today's event on 'Benefits of Decentralised Production of Heat and Power: householders and small energy users in the spotlight'. Micro-CHP can reduce the energy bills of households and small businesses by up to 18%, empowering them to slash their CO2 emissions and leaving the micro-CHP sector upbeat about future growth prospects.
Micro-CHP technologies contribute significantly to achieving the EU's key energy, climate and competitiveness goals, according to the preview of the upcoming 'Micro-CHP Benefits Study' conducted by Delta-ee for COGEN Europe presented ahead of the European Commission's Heating and Cooling Conference.
Micro-CHP owners become active participants in supplying their own energy, thereby helping to achieve the EU's energy policy objectives of ensuring security of supply and integrating into the energy mix variable renewable electricity, notably by producing electricity during peak demand periods in winter time and during hours of darkness. In addition, the Delta-ee study shows that between 60-70% of homeowners surveyed in Germany, Netherlands and the UK are interested in micro-CHP technologies.
The findings of the EU-funded CODE 2 project , also presented at the event, support the study's estimate that micro-CHP technologies can represent up to 35% of EU boiler sales by 2030 provided that manufacturers and fuel suppliers continue to deliver cost reductions and develop micro-CHP packages as consumer-centred solutions.
A bright future is predicted for the micro-CHP industry as product costs are driven down by volume sales. However, the EU policy framework must reward users of the technology for its superior efficiency and the benefits that it offers local energy systems. Ambitious innovation and deployment will continue for example, fuel cell machines with electrical efficiencies of 60% are now being installed thanks to field trial deployments under the EU-backed ene.field programme.
"Europe has ambitious goals for its energy and climate strategy. Micro-CHP is a highly efficient innovative technology, with a strong engineering base in Europe. It is exactly the kind of solution that the EU should be supporting, and should continue to support, through its Investment Plan, Energy Union Strategy and energy efficiency policy," said COGEN Europe Managing Director Fiona Riddoch.
Energy Generation Project The Cathedral has commenced trialling a BlueGEN micro combined heat and power system in Cathedral House. The unit, which is roughly the size of a dishwasher and quiet running, uses a solid oxide fuel cell to convert mains natural gas into electricity and useful heat. The system is supplying 36kW/day of generated electricity to the ground floor community rooms and offices, and with lower carbon emissions than conventional grid sourced electricity. The useful heat generated by the fuel cell is recycled and is supplying up to 150L of hot water per day to the community area WCs.
Go Portsmouth Cathedral!
Oh CFU - you are allowed to publish stories like this too!
TP. Agree - not sure if this is good news or not, but at least the dilution of shares will come to an end around the end of March.... Would be nice to think it was CFU's choice to end the agreement!
What is clear is that although continued improvements in the product is good - selling products will result in the lights being kept on!
So on CFU - enough of these year on year trials by these so called partners. We should be kicking goals and we are not - out of disbelief, I decided to call two large UK based homebuilders yesterday and both had never heard of CFU and BlueGen. Why?
The BlueGen - The fuel cell
Cogeneration was in buildings with low heat demand never as lucrative as it is now! The small fuel cell power "BlueGen" makes it possible.
For the first 125 fuel cell is available in Saxony as good as a gift!
Get your own small power plant a non-repayable grant back from the Saxon Development Bank in the amount of 24,000.00.
Additionally, you will then in the next 10 years, more government funding in the amount of 8,260.00.
Overall, you get paid over 32000.00 of the state!
All of Germany looks jealous of Saxony, as something it never was! And the benefits of your own electricity you generate the bargain.
As a pure power plant, with a capacity of 1.5 kW, falling to only a thermal output of 0.6 kW just once. Thus, the BlueGen is an absolute marathon runners. The fuel cell is designed for continuous operation and operates 365 days of the year. To generate 13,050 kWh of electricity, while 5,220 kWh of heat annually.
It can be quickly and easily integrated into virtually any heating system and operates more economical than anything, there has been in this class on the market.Payback period of 4-6 years are now no longer a rarity!
If you want to save this unique offer, then do not hesitate long, because the first plants are already sold out!
Let yourself be free advice!
We show you, how many thousands of euros and you can save with your own fuel cell future.
It's been a while since I last commented here, however congrats to CFU for continued progress in the area of further improving the product, however we have yet to hear any significant updates around either the Virtual Power Stations or the Integrated Combined heat and power units for some time.
We all trust that the Trial Units are out there clocking up the hours. How are they going? or are the various companies waiting for CFU to runout of money and go into receivership so they can get the IP for next to nothing???? We all hope this does not turn out to be true!
Anyway Marketing never seemed to be a strong point within CFU so how about putting lots of Good News stories together and pushing them out through the various social media channels and letting us share them for you?
In my view it is time more people knew about CFU what is clear is that outside a few European countries, Governments continue to support existing power companies and not on on supporting and encouraging innovation, which will in turn create new jobs and will in the long run generate more revenue for Governments.
In my opinion the speed of developing Distributed Power generation facilities will be driven by the power of the people, and not by existing providers. So lets get the good stories out there in Social media and let us share these and get the message out there.
Also any update on activities in Australia, where there are and continues to be a significant number of BlueGen units operating? Given that CFU was originally spun out of The Australian Govt funded CSIRO area, and that there has been between zero and no support for CFU for some years from the various governments in that country, plus the growing acceptance that the climate is changing and being more efficient at generating and using energy is a good thing - any update from there?
In summary let us help you by giving us some good news stories to share on Social and other Media outlets. We need to spread the good word!!!
We should expect a fanfare launch of Bluegen Mark 2 in the next few weeks. The RNS yesterday did not mention modulation, but that is what the new unit was doing. I expect CFU to go for a high profile launch, but I just hope they announce big orders at the same time.
Not many new installs showing on Bluegen.net very little cash coming in, still nip and tuck as to whether the company will survive.
IMHO DYOR NAI
Take a look at the pdf link below, Bluegen in a shoot-out with one other. Bluegens still a bit too expensive in 2014 but the recent extra subsidies in Germany and increased stack life to around 7 years must now weigh in its favour. If the Dutch give more subsidies sales should increase significantly.
Bluegens are good but too expensive without 10 year operating life, economies of scale production, and a modulating Mark 2 version would be good. Any integrated unit that works with CFUs Gennex fuel cell stack should be a winner.
This all relates to the fundraising announced on 24/3/2014. You will need to read the RNS for yourselves, it is as clear as mud. One aspect of the fundraising was the Bergen Agreement, CFU are receiving 0.5p per share the agreement ends around March. You can bet that CFU will have to draw as much from the investor as possible because it appears there is £3 going out for every £1 that is coming in to the company.
Above all the company needs cashflow from increased sales. The quarterly update refers to a surge in inquiries for Bluegens in Germany, whereas the company needs a surge in orders.
CFU needs to announce a bulk order in February with a good amount of cash upfront, turn interest in firm orders.
If CFU survives the next 6 months, and the integrated units work, it should go on to be successful. A share consolidation is expensive and will only happen when the company is secure and can afford it, 200 for 1?
With no holding announcements, we cannot tell who is buying or selling shares and their motives for doing so.
IMHO DYOR NAI
Could it be that Bergen converted the Loan of £160,000 made in March 2014 ( share price was .9p) into shares now at a price of 3.1 per share. They must be looking at a paper loss of £53,000 at todays share price. They must have done their research are they going to sit it out?
Or are they the seller? Knowing they stand no hope of having the loan repaid by income anytime in the near future or ever? And the conversion was the most appalling way to divest?
Basically that's it. The loan, previously made to the company, is converted into shares. Trouble is this makes the number of shares in issue go up. Ie the latest issue means we are just a fraction short of 3bn !
Consolidation if it happens would mean we all have less shares but the value of our holding will be the same. (Until market forces move the value up or down)
Don't think the market thinks much of this latest announcement. Clearly CFU need partners to help them move forward (and more orders!)
Surely drop is cause by conversion of loan note and thus dilution to overall share capital?
If you were a creditor would you convert your loan note into share unless you though the company was a going concern??
Question is how much was the loan value? And will the trust thoughts?
The quarterly update is due on Friday at the latest, the share price falling indicates the market is expecting the end of CFU (as a public company) in the next few days/weeks.
Flip of a coin job as to whether CFU is going to survive.
IMHO DYOR NAI
Something happening here, over 34 million shares traded on Tuesday 20th on day CFU announce the fuel stacks will now last for up to 7 years.
Still nip and tuck as to whether CFU will survive, not many new installs showing on bluegen.net but this is the winter and the quiet period where customers do not want disruption in the cold weather.
Urgently need some volume orders and some cash up front.
CFU looking for stack life of 10 years before end of 2015 and a modulating version that will be easily integrated with a local smart grid, eg when sunny and solar power high turn bluegnen down, if cold no sun, no wind (for turbines) turn bluegen to full power.
Bluegens linked to smartgrids and integrated units in new build housing are the key to CFU riches. CEO also hints at potential orders for larger units in recent interviews.
Will this happen before CFU goes bust?
IMHO DYOR NAI
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