CMR Fuel Cells announces final results for year ended December 2007

CMR Fuel Cells, developer of fuel cell stacks for portable and small stationary power generation applications, has announced its final results for the year ended December 2007. The Company has described 2007 as a year of consolidation of commercial success and continued technical progress. The company remains focused on providing fuel cell based power solutions to the portable electronics industry, with active, cooperative, commercial programmes in Korea, Japan and more recently Taiwan and China. Highlights of 2007 include:

• Entered into a Joint Development Agreement (‘JDA’) with Samsung SDI

• Active commercial programmes in Japan, Korea, Taiwan & China

• Development of stand-alone demonstration systems tailored for specific market opportunities

• Entered into Collaborative DTI funded development partnership with Johnson Matthey Plc and Accelrys Inc

• Continued to operate well within budget, with strong cash reserves

Over 2007, CMR 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, through hand-held industrial devices and stand-alone re-chargers, right up to laptop computers. These show how CMR’s fuel cell stacks can be integrated into independent power supplies which themselves have no mains power cord and can be ‘instantly recharged’ without stopping simply by adding a fresh fuel cartridge. Demonstration of these systems as well as CMR’s ability to successfully develop mixed reactant and conventional stacks further emphasises CMR’s position as a credible and capable partner for major OEMs around the world.

CMR has demonstrators using mixed-reactant stacks covering power ranges of 2W – 5W (as typically required by media players, cameras and phone backup chargers) and others with conventional stacks providing power ranges of 10W – 25W (as typically required for laptop, stand-alone re-chargers and industrial computers). These have been driven by the Company’s own analysis of specific market needs and feedback from customers and partners and are key tools in driving engagement with potential customers.

In terms of market opportunities, interest in small, cost-effective and efficient portable fuel cell systems continues to grow, driven by ever increasing power needs that batteries cannot supply as well increasing concern over the safety of batteries. It is clear that the major consumer electronic OEMs and ODMs recognise the benefits of using portable fuel cells for forthcoming products, but they need comfort that all aspects of deploying fuel cells are known and feasible – not just headline technical parameters. To drive better engagement with these companies, CMR is actively promoting and developing its in-depth knowledge of all aspects of fuel cells as an integral part of its commercial offering alongside conventional and mixed reactant DMFC stacks and demonstration systems.

The Company continues to believe that many OEMs plan to field-trial fuel cell systems into Asian markets in 2008/9 ahead of mass-market launches from 2010 onwards. CMR anticipates that 2008 will see early deployment of its stacks based on ‘acid’ chemistry in trial systems, building towards mass markets emerging from 2010 onwards. The Company’s alkaline chemistry development is progressing satisfactorily, and the Company is confident that it will be showing good results from this as this date approaches.

The Full Annual report can be found at http://www.fuelcelltoday.com/media/pdf/financials/CMR_Annual_2007.pdf

Source: Fuel Cell Today