Ceramic Fuels Cells Preliminary Results for the Year to 30 June 2008
Noble Park, Australia August 28, 2008

Ceramic Fuel Cells Limited (AIM / ASX: CFU), a leading developer of high efficiency and low emission microgeneration products for homes, today announces its preliminary results for the year ended 30 June 2008.

Highlights in the period and year to date

Customers and Products
    • In July 2007, signed product development agreements with major energy company customers and appliance partners, E.ON UK and Gledhill Water Storage Ltd for the United Kingdom market, and Nuon and Remeha / De Dietrich Thermique for the Benelux markets

    • In January 2008, entered the Japanese market through a product evaluation and development agreement with the Paloma Group

    • In February 2008, announced first volume order for 50,000 mCHP units from Nuon, based on meeting agreed performance and price targets

    • By June 2008, installed six NetGenPlusTM units with European customers and partners
Manufacturing and Supply Chain
    • Built and commissioned a £3.1 million plant in Merseyside, UK, to make high quality ceramic powders using the Company’s proprietary technology

    • Confirmed investment of €12.4 million for a large scale fuel cell plant in Heinsberg, Germany.

    • Secured long term supply agreements for fuel cell components with two leading German advanced ceramics suppliers, HC Starck and CeramTec

    • Entered commercial relationships with suppliers of mCHP balance of plant components, achieving significant cost savings and size reductions
Technology
    • Obtained European ‘CE’ safety approval for the NetGenPlusTM unit

    • Strong progress in cell power density, efficiency and fuel cell stack lifetime

    • Extensive intellectual property portfolio supplemented with further patents granted
Financial
    • Sales revenue from customers up 42% to A$617k / £288k (2007: A$435k / £203k)

    • Operational cash outflow increased by A$834k / £389k to A$19.8 million / £9.3 million to fund expanded product development, supply chain and manufacturing scale up

    • Net loss increased by A$4 million / £1.8 million to A$23.7 million / £11.1 million, largely due to a non-cash impairment charge and staff option expenses

    • Raised A$14.7 million / £7 million in a placement of new shares in May 2008

    • Total cash and investments at 30 June 2008 of A$43.3 million / £20.3 million (30 June 2007: A$60.2 million / £28.2 million)
Brendan Dow, Managing Director of Ceramic Fuel Cells, said:

“This has been another year of considerable progress for CFCL. We have continued to make progress in developing products with our partners and, significantly, have received our first volume order with agreed targets from Nuon. Our progress in increasing our manufacturing capacity and enhancing our supply chain gives us confidence that we can transition from product development to commercialistion from the second half of 2009.”

Ceramic Fuel Cells Limited is a world leader in developing solid oxide fuel cell (SOFC) technology to provide highly efficient and low-emission electricity from widely available natural gas and renewable fuels. CFCL is developing SOFC products for micro combined heat and power (mCHP) and distributed generation units that generate electricity and heat for homes.

CFCL is developing mCHP products with leading appliance partners and utility customers in Germany (EWE and Bruns Heiztechnik), France (Gaz de France and De Dietrich Thermique), the United Kingdom (E.On UK Ltd and Gledhill Water Storage Ltd), Holland (Nuon and Remeha), and Japan (Paloma). CFCL is listed on the London Stock Exchange AIM market and the Australian Securities Exchange (code CFU).

Source: Ceramic Fuel Cells

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