 |
 |
||||||
[May 2005]
Jolimont Ventures buys CSIRO holding in Ceramic Fuel Cells
Ceramic Fuel Cells Limited has been notified that CSIRO has sold its shares in CFCL to specialist venture capital firm Jolimont Ventures.
CSIRO has indicated that it has a policy of investing and giving life to new R&D projects that have reasonable commercial prospects, and then of re-cycling its investment when those projects are established and on a viable path to market.CFCL understands that in accordance with this policy, CSIRO has sold its holding in CFCL in order to invest its funds in other R&D projects within CSIRO. CSIRO believes this is appropriate now that CFCL is more established and is publicly listed.
Mr Julian Dinsdale, Executive Chairman, CFCL, thanked CSIRO saying "CSIRO was instrumental in establishing CFCL in 1992. We appreciate CSIRO's vision and support of CFCL and their role in supporting other similar ventures in Australia. We also welcome
Jolimont Ventures as a shareholder, and look forward to benefiting from their experience as a specialist investor in technology companies".Jolimont Ventures is a Melbourne-based venture capital firm. It is owned jointly by its investment principals Charles Gillies and Lex McArthur, and Starfish Ventures, a venture capital fund manager committed to building innovative Australian technology companies.
Jolimont Ventures established the Jolimont Secondaries Fund I, as a specialist $24 million secondary venture capital fund in October 2004. The cornerstone investor is Macquarie Funds Management.Mr Charles Gillies, Principal of Jolimont Ventures, said "Jolimont is excited about the potential for CFCL's technology. We were impressed by the quality of the company's science and technology and the dedication of the management team. We believe the
company has identified a significant market for CHP (combined heat and power) units and we look forward to working with CFCL to take advantage of significant and growing opportunities for alternative energy technology."
ENDS