Ceramic Fuel Cells’ (ASX:CFU) UK distributor iPower Energy has received the £350,000 (A$658,467) deposit from a third party funder in relation to the first fully funded BlueGEN program.
First installation of the company’s BlueGEN fuel cell combined micro-Combined Heat and Power unit is expected to take place this month.
Under the terms of the agreement with iPower, 55 units are to be installed by 30 June with the remainder by 30th September 2015.
The program, comprising a 100kW fleet of 65 or more BlueGENs, is targeted primarily at public sector organisations that can take advantage of the significant carbon and energy savings BlueGEN has to offer.
The innovative funding structure allows BlueGENs to be installed in end user premises at no upfront cost.
End users pay for the costs of gas and BlueGEN maintenance and receive the benefits of the electricity generated and the heat recovered for hot water.
Ceramic Fuel Cells is capitalised at $16.8 million – modest for its advanced stage of development.
