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Cue Energy

  • BY: Andrew Hore |
  • POSTED: 21/02/2008 |

Cue Energy is buying an Australian fuel cell developer. 

Cue had originally considered acquiring a significant investment in Oreion Australia Energy but it has decided to buy the whole company. However, Oreion will seek outside partners and funding in order to continue the development of its PEM technology. Oreion needs to obtain the funding in order to retain the comercialisation rights to the technology, which was originally developed by Australian research organisation CSIRO.

Cue is paying 50m shares, at a notional price of 2p each, for Oreion. This represents 18% of Cue’s enlarged share capital.

The strategy is to sub-licence the technology for the development of fuel cell test stations and PEM electrolysers. Oreion will also develop direct hydrogen micro fuel cell products.

Oreion could eventually be spun off onto the ASX.

Cue has cash of £824,000 as of 21 February 2008 and it is looking for more investments. The shares remain suspended at 2p each.

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