Ceramic Fuel Cells in $27.6 million capital raising
BlueGen developer Ceramic Fuel Cells has raised $5.9 million from a share placement and has announced a rights issue to raise a futher $21.7 million.
The company says the raising will allow it to bolster production of its products and meet growing demand, as well as using the funds for working capital.
The ASX and London AIM-listed company recently announced a manufacturing deal with US electronics producer Jabil to produce BlueGen units. his followed a string of announcements this year in which the company linked up with distributors of its gas to electricity converter in the UK and Europe.
CRC reported negative cash flow of $5.86 million for the quarter ended September 30, but has $13.77 million in hand.
For the financial year to June 30, CFC reported an operating loss of $19 million on revenues of $2 million.
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