CMR Fuel Cells will float on the Alternative Investment Market (AIM) of the London Stock Exchange tomorrow at a float price of 176p. This could raise as much as £10.3m and will value the fuel cell developer at around £35.7m.
The firm is a spin-out from Generics of Cambridge, which will retain a 12 per cent stake post float worth around £4m.
CMR’s fuel cell stack is being developed for use in applications such as battery chargers, auxiliary power units, laptops and portable military applications. The firm claims its technology is lower cost than conventional direct methanol fuel cells.
Fuel cells are electrochemical devices that convert fuel (e.g. hydrogen, methanol, methane) directly into electricity at potentially higher efficiency than internal combustion engines. They also have the potential for high power storage capacity.
Based in Cambridge, the company’s founders realised that the little-known mixed-reactant or 'single-chamber' fuel cell, a laboratory curiosity since the 1950s, could be modified to enable up to an eighty per cent reduction in stack cost. As a result their approach to fuel cell design is different to other techniques being aimed at commercial applications.
www.cmrfuelcells.com