CMR powered by hopes for 2010
Fuel cell stack developer, CMR remains unperturbed by widening losses, saying that it continues to see the mass market launch of laptop power packs utilising its acid chemistry stack technology by 2010.
The Cambridge-based firm reported losses of £3.05m for the year to December, up 50 per cent from the £2.03m it reported this time last year on the back of administrative expenses, which also rose around 50 per cent to £3.7m. The company, which entered a joint development agreement with Samsung SDI last year, said that it believes 2008 will see field-trials of fuel cell systems into Asian markets, ahead of mass market launches in 2010. It said that it anticipates deploying its own stacks, based on 'acid' chemistry during 2008 in trial systems, building towards mass markets emerging from 2010 onwards. CMR added that its alkaline chemistry development is progressing satisfactorily, and the company is confident that it will be showing good results from this as the date for mass market launch of acid chemistry approaches. Over 2007, CMR said that it has successfully developed a number of different stand-alone Direct Methanol Fuel Cell (DMFC) demonstration systems with power outputs suitable for products ranging from portable media players and PDAs, to laptop computers. Feedback from its customers indicates that first generation products used for reliability trials and user acceptance testing will be based on 'acid' chemistry and that 'alkali' chemistry will be required to meet the price points needed for mass market deployment at a later date. With assets totaling £9.4m as of December, CMR expects its cash reserves to be sufficient for planned operations until early 2010. It added that it continues to work on projects with Solvay in Belgium and Cambridge's Xaar on novel low-cost, high throughput MEA production, as well as the collaboration it entered with Johnson Matthey and Accelerys to facilitate the discovery of better catalysts. Shares in the firm have shown marginal growth, climbing over one per cent, or 0.5p to 36.54p.