fund raising, page-16

I could not really tell you about sales. They are important but CFU was never going to be, or ever will be able to survive let alone thrive without partnerships.

Whether they install a few each week and book to revenue is of course important but not what I focus on.

Look at the sales that we had in 2011. They were all from partners and were all long lead items not readily able to be booked to revenue.

I hazard a guess that we still have somewhere between 150-200units that have been ordered and are waiting to be installed and booked to revenue.

So the multiple orders of dozens and more units in 2011 were all trial based. Sanevo is the only one that really springs to mind that expected a follow on order.

So the units sold for trials with partners have traditionally been a 24 month trial all said and done once installed. So the industry is still dilly dallying with trials and infrastructure to support distributed power and VPP.

So the sales we are not seeing are the one off units to business or as individuals looking to utilise the FIT.

I cant help but think the tariffs whilst great are not going to get the average uninformed households buying units.

In my eyes the game has always been EWE, EON, GDF Suez etc embracing this tech to manage the cost of their distribution costs. They buy in volume and then offer to households as part of their energy supply.

Not the household going out and understanding the logistics of their installation, pay back etc etc.

So the fact that I would personally never buy a BlueGen through CFU myself I am not surprised others arent. I would buy through (locally) Agility and see in Europe households taking up BlueGens through their suppliers EWE etc.

Anyway...waffle waffle but you hopefully see what I am saying.

When EWE and Eon pull their fingers out in late 2013-early 2014 and the Soft-Pact trial stops then I will be concerned if we are not able to punch out 1000 units in 2014.

I always had rather somber numbers in mind for this year and out most supportive distributer Sanevo falling over reduced my expectations further. If we can get orders for 400 this year then I am happy enough. How many that means gets installed I have no idea. It could probably be less than 25% of those and like others have said raised the question why are we not fighting harder for up front payments, even if it means a discount of the total unit cost itself