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17/01/2005
Voller Energy Group ("Voller Energy" or "the Group"), a manufacturer of portable fuel cell systems for use as battery chargers and mobile generators, today announces its intention to seek admission of its shares to trading on the Alternative Investment Market ("AIM") of the London Stock Exchange plc. Dealings are expected to commence on AIM in February 2005. Voller Energy was established in 2002 to design, develop, manufacture and market a range of portable fuel cell systems for use as mobile generators and battery re-chargers. The Group has filed four patent applications to protect its technology and intends to be one of the first companies to market with a product based on available fuels such as camping gas (LPG, propane, butane or Calor Gas). The Group is one of the first to ship fuel cell products, and has international distributors established worldwide including China and USA. Voller Energy has received two Smart Awards from the DTI to develop its technology. Voller Energy has three product groups: the VE100 (which includes the VE100 v2) fuel cell system, the VE1000 fuel cell system and the Battery Box. The target markets for these products include temporary buildings, yacht battery chargers, recreational vehicles, power tool hire market and military lightweight generators and battery chargers. In September 2003, Voller Energy launched the VE100 which was one of the world's first hand-held portable fuel cell systems designed for commercial applications and using refillable metal hydride canisters as an energy source. The compact system is a self-contained portable power source that delivers "mains" voltages. The system provides clean energy without harmful fumes or greenhouse gases (GHGs), the only exhaust being water. Applications could include the operation of electrical appliances in remote or sensitive areas, back-up and emergency power, and the recharging of batteries. Stephen Voller, CEO of Voller Energy Group, said: "We are one of the first in the world to develop commercially available fuel cell systems. While most other fuel cell component companies are still at an early R&D stage, Voller Energy has built up considerable market knowledge and know-how in building fuel cell systems appropriate for mass markets." Based on the VE100, the Group intends to develop one of the first power units to combine reformer technology with existing fuel cell technology. These reformers extract hydrogen from complex hydrocarbons such as propane or butane (e.g. LPG, Calor Gas or camping gas). The advantage of this approach is that fuel cells can then run on an accepted and reasonably priced fuel with an existing distribution infra-structure, without having to wait for the hydrogen infra-structure to emerge fully. This is particularly relevant to the Group's target markets of leisure and building services. The Group's products initially address two principal markets:
Market opportunity Temporary Buildings The construction industry uses a large number of steel cabins or temporary buildings. Most of these cabins require electrical power for kitchens, lighting, office equipment, heating or hot water. Currently, most use generators to provide the power. These generators are generally noisy and produce noxious emissions and therefore have to be kept outside or the cabins have to be adapted with filtration systems. This means both the generator and the fuel they use are prone to theft. Further, the cabins are increasingly measured on their environmental credentials and the emissions that the generators emit can perceived to be unattractive. Working with Speedy Hire plc, which is one of the largest suppliers of cabins for hire in the UK, Voller Energy is proposing to develop an environmentally friendly system, incorporating the VE1000, which will be housed within the cabin for security and will charge a bank of batteries to provide the required power. It is proposed that surplus heat from the fuel cell will be used to provide water heating. Yachts The internal battery-charging feature of the VE100 v2 enables it to be readily adapted for applications where battery charging is required. For example, yachts of up to approximately 45 feet in length have a 12 volt circuit that is powered by conventional lead acid batteries. Charging these batteries at sea or at remote moorings is a constant problem, unless the main engine is in use. A variant of the VE100 v2 could be used in such yachts. Working with a leading boating equipment manufacturer, Voller Energy estimates that the global yacht market, comprising new vessels of 30 feet to 45 feet in length, is approximately 7,000 units per annum. With a retro-fit market of up to 7 years, this equates to an initial potential market size for the Group's fuel cell and battery recharging technology of up to 50,000 yachts. Recreational vehicles Recreational vehicles (RVs) are a significant potential market, particularly in North America. Most have LPG or BBQ gas on board for cooking. The electrical equipment on board a RV can be powered on a campsite with mains power. However, when the RV is parked away from a mains power source, gasoline or diesel generators have to be carried on board to provide the necessary power. Voller Energy believes that consumers would pay a premium for a quiet, clean, "fit and forget" portable fuel cell system permanently installed in an RV that would be capable of running from the existing cooking gas supply. Power tools The Group initially intends to target the providers of power tools to the tool hire market. The market for cordless power tools is currently showing considerable growth and these tools require their batteries recharging using either mains power or a generator. The Group plans to establish its presence in this market in the short term through the provision of a Battery Box as an affordable cordless tool battery charger. In addition, the VE100 v2 with a reformer becomes available, it will offer significant weight and size advantages over conventional petrol fuelled generators in circumstances where such generators cannot be used or mains power is not available. Military The military market is attractive because of its size and critical needs. Currently a typical army ground battalion uses up to twenty different types of battery. Recharging these batteries is a constant problem when away from a vehicle or fixed power supply. In 2003, the US Department of Defence spent approximately US$130 million on fuel cell related research and development. On the decision to float on AIM, Stephen Voller commented: "Voller's admission to AIM provides an excellent opportunity to make the most of the projected growth in the fuel cell market. We now have the financial strength and flexibility to capitalise on our strong position in the market and grow both organically by accelerating uptake of our products as well through selective acquisitions." In April 2004, John Brown (aged 60) joined Voller Energy Group as non-executive Chairman. John is chief executive officer of Speedy Hire plc (LSE: SDY) a FTSE 500 company. John joined the Allen Group, a private building company in 1973 as finance director and company secretary. In 1977, he started the Speedy Hire business with one depot in Wigan and has masterminded its expansion since then. He became chief executive officer of Allen plc in February 2001 and was responsible for the transformation of the Allen Group into Speedy Hire plc. Commenting on John's role as non-executive Chairman, Stephen Voller, said: "The Board is particularly pleased to have John as our Chairman. John brings with him a wealth of knowledge of the UK construction and tool hire market and experience of listed companies and of public company life from his time spent with Speedy Hire plc. "Our aim is to become the leading provider of portable fuel cell systems and John will play a key role in our forward strategy." Arden Partners is acting as both Nominated Adviser and Broker to the Company.
Photography Both hard and soft copies of photographs of Stephen Voller, Chief Executive Officer, and John Brown, non-executive Chairman, are available from Abchurch. To arrange, please contact Chris Lane on +44 (0) 20 7398 7708 or email: chris.lane@abchurch-group.com Notes to Editors: Fuel cells work by converting the chemical energy in hydrogen to electrical energy. No GHG's are produced in the operation of this type of fuel cell. The process is carefully controlled inside the portable fuel cell system. Hydrogen, and oxygen from the air are passed across a series of membranes which convert hydrogen and oxygen into electricity, heat and pure water. The efficiency of the fuel cell system is affected by the basic design of the stack. However continuous monitoring of its output and control of the gases, humidity and water movement within it are crucial for effective usage.
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