brr interview brendan dow, page-10

hci, in my minds eye large australian sales won't eventuate for a while, until unit prices get down to $10,000 per unit - simply an ROI when you compare with the solar rebates.

Solar rebates will become too expensive to sustain, Spain is leading this charge, NSW has already learned the first lesson. Maybe in 2006/07, but not in the current climate - the market is semi-rational.

It needs an immmediate placement of a large order for delivery this year, but I think ROI is the killjoy on present unit pricing - I know all the merits engineering and payback wise, but solar has the lead in penetration, perceptions and returns.

Simply selling fuel cells as part of anothers product is not the future. CFU needs $26M p.a. to get cashflow +ve - now, not next year. EWE is not filling this gap. If bluegen becomes 50% of revenue then this alone is 650 units. But Euro/Japan is where it's future is without doubt.

It is trading at a large premium over revenues and book value already. If CFU goes for a CR in this region, kiss 13c goodbye ... and I'm detuned to anything that sounds like a promise, from everyone.

Technically, CFU had a chance to break the downtrend recently, and failed.