Ceramic Fuel Cells Limited
(ASX:CFU) is the beneficiary of a state subsidy policy in the German state of North Rhine-Westfalia.
The regional government of Germany’s most populous state is set to promote the fuel cell developer’s BlueGEN electricity and heat technology by subisidising purchases by between 45 and 65 per cent.
CEO Bob Kennett says the approved funding level is extremely important in supporting the ongoing marketing and distribution of BlueGEN and is expected to drive a significant increase in demand.
BlueGEN uses fuel cell technology to convert natural gas into electricity for buildings.
Units can cut electricity costs for homes and businesses by up to 50 per cent, and have become an attractive investment proposition for more than 600 thousand enterprises in North Rhine Westfalia via the new subsidy.
Ceramic Fuel Cells reported a $12.6 million loss for the first half of the current financial year.
