LONDON (AFX) - Ceramic Fuel Cells Limited said it will receive 3.2 mln eur of funding from the government of the State of North Rhine-Westphalia to develop a large-scale manufacturing facility at the Oberbruch industrial park in Heinsberg, Germany which is owned and managed by Nuon.
Work on the volume manufacturing plant will start in January 2007 and the first phase of the two-phase project is expected to be completed in 2009.
Ceramic Fuel Cells said it has signed a lease for the existing building for phase 1 and have secured an option to buy the 'greenfield' land for phase 2.
The company said it intends to fund the project through a combination of debt and equity, and is in discussion with local financiers.
Brendan Dow, Ceramic Fuel Cells' chief executive, said: 'Ceramic Fuel Cells will scale up production significantly at this plant, which will allow us to increase revenue, reduce unit costs and feed the growing market demand for fuel cell energy products.' newsdesk@afxnews.com ks COPYRIGHT Copyright AFX News Limited 2006. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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