ceramic fuel cells to sell up to 200, page-27

It's hard to see this from Australia, perhaps, but Bluegen is relatively unimportant. It's the integrated boiler systems in Europe, built around Gennex modules, that are the make-or-break market for CFCL.

The EWE sale, assuming it happens, is not by itself enough to make CFCL profitable. But 5 million euro is enough to make a difference (to the risk of running out of cash before reaching break-even).

More importantly, this announcement means that Bruns has managed to build an integrated mCHP boiler system which they are confident enough of (and have or are sure they can obtain regulatory approval) to start deploying in ordinary houses. That should provide more data for fine-tuning performance, feedback from residential customers, and experience for EWE in managing a decentralised power generation network (this is a big concern of mine).

Utilities move slowly, but EWE could conceivably be rolling out 20,000 or more of these a year by 2015. This kind of possibility is perhaps already priced into CFCL's valuation at $200m, but there's a reasonable chance (especially after this announcement) of its _revenue_ exceeding that figure within five years.