The company said its UK placement offer had been oversubscribed, with institutional investors committing to purchasing 175 million new shares at 21.25p each.
CFCL chairman Julian Dinsdale said the UK placement had attracted more than 80 new institutional investors, including many funds specialising in socially responsible investment.
The funds raised in the UK placement would be directed to the construction of manufacturing facilities – a specialist ceramic powder plant and a volume fuel cell stack plant – in addition to furthering the commercial and technological development of its fuel cell technology, according to Dinsdale.
Europe will be a key near-term market for the CFCL technology, and manufacturing in the region would allow the company to supply fuel stacks for use in m-CHP (micro combined heat and power) systems for utility customers, he said.
CFCL has helped install a demonstration m-CHP at the szencorp “40A” building in South Melbourne, one of Australia’s highest rated retrofit “green buildings”.
While green ratings are still something of a sustainability merit badge in Australia, mandatory energy efficiency regulations for new and renovated buildings throughout the European Union will put combined heat and power technologies like CFC fuel stacks – and their US competitor FuelCell Energy’s DFC units – in much higher demand.
CFCL said it expected its AIM application to be accepted, with a target listing date on Thursday, March 2. The company will continue to be listed on the Australian Stock Exchange (ASX:CFU).
The company estimates that pending the successful completion of the listing, the UK placement will bring the company’s worth in market capitalisation to around $A144.3 million.
CFCL has nominated Libertas Capital as its adviser for the UK placement, acting as its joint broker with Ambrian Partners.
