fund raising again, page-8

Yeh, well aware of it. So cliff notes.

Baxi its a PEM fuel cell with lower power output and lower electrical efficiency. They have been talking about it taking over from their ICE mCHPs since 2002. It was meant to be launched in 2010. Now talking 2015 with it being used in field trials at the moment.

Not saying we are better, but we are commercial now. Have they failed in not launching in 2010? They are in part running behind schedule but more likely just timing their product launch more in line with industry preparedness

Re space heating, De Dietrich and Baxi are all part of BDR Thermea. Its a pipe dream but always found it interesting that we worked direct with BDR and also Dietrich.

Come 2015 I am encouraged that the parent BDR Thermea will push our products equally with the Baxi as at the end of the day no product can suit all circumstances and they would be wise to have in their family of companies a range of products to suit all scenarios

We made the Ceramis Power with Dietrich and got CE approval 2 years ago. GDF Suez been trialling it and it performed exactly how we claimed and also doing further studies with using it for charging electric cars. They talk of the SOFC being the most likely to succeed fuel cell mCHP tech but stated that the price meant it would not be technologically mature (cheap enough and industry economics) until 2015

So our work with BDF-Detrich gives us a unit that does the same electricity, hot water and space heating.

Baxi have their PEM fuel cell Gamma. We have a SOFC with De Dietrich doing the same thing. But we also have our fuel cell in a unit that provides electricity, hot water and pace heating with Eon-Ideal and Bruns-EWE. So we have 3 devices doing the same thing, 1 with Baxi's owner, 1 with Eon and 1 with EWE. Frankly I am rather happy about that situation

Re price? I think you are confusing the other Baxi mCHP which uses a Sirling Engine. Its cheaper.

But the Gamma? Do you know the price? I think is ball park the same as BlueGen...and no idea what the price of our integrated units with Dietrich, Bruns and Ideal will cost.

I just did a search for a price and all I can see is talk that it will be cheaper by 2015

So...yeh, Baxi have a lot going for them. Can they hurt us? I think they can? Will they? I think if they get up then we will get up...we have enough fingers in pies that if their product is commercially feasible then we should be too, and if anything I think we have the opportunity to trump them