News: Ceramic Fuel flags raising, secures BlueGen

.

Ceramic Fuel Cells Limited (ASX:CFU, LON:CFU) has flagged plans to raise capital and announced it has received an order for 100 of its BlueGen units. 

 

The developer of small generators says it has received an order to deliver the units within 12 months from a German company named Avilos.

 

Separately, the company has approved fundraising of about $563 million this month and suggested a further capital raise will be likely in the second half of 2014.   

 

Ceramic Fuel Cells has also today announced non-executive director Dr Peter Binks will step down immediately to pursue other activities. 

 

The news comes after the company’s stock sank more than 25 per cent at the end of February when warning the market one of its BlueGen distribution contracts looks likely to fall apart.  

 

Ceramic Fuel Cells booked a net loss of $19.8 million in 2013 financial year.