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[June 2004]
Ceramic Fuel Cells Announces Public Offer
CFCL - Ceramic Fuel Cells Ltd (Melbourne, VIC, Australia) - lodged in May a prospectus with the Australian Securities and Investments Commission relating to its initial public offer of its ordinary shares to raise A$15 million and its intended listing on the Australian Stock Exchange Ltd.
The funds raised will be used to commercialise and continue the development of the company's technology.
CFCL has developed and patented a flat plate Solid Oxide Fuel Cell (SOFC) technology, an efficient technology for generating electricity and heat from fuels such as natural gas.
Since its establishment in 1992, the company has spent approximately A$128 million on developing SOFC technology, which has the potential to greatly improve fuel conversion efficiencies and provide environmental benefits throughout the world.
Executive Chairman Julian Dinsdale said he expected in the coming years that the company's SOFC technology would be routinely applied to numerous applications in the global electricity generation market including distributed generation and domestic heating sectors.
"While we have achieved a number of significant technical milestones to date, our immediate focus is to deploy technology into products producing electrical output in the range 0.5-2kW followed by products with electrical outputs of up to 10kW," he said.
ENDS