Ceramic Fuel Cells Limited (AIM / ASX: CFU) a leading developer of generators that use fuel cell technology to convert natural gas into electricity and heat for homes and other buildings, is pleased to confirm that Mr Alasdair Locke has been appointed as a Non-Executive Director and proposed Chairman.
As foreshadowed in the announcement of 13 September, the Board intends to appoint Mr Locke as Chairman at the next Annual General Meeting. Mr Locke will also become a member of the Board Audit Committee and Chairman of the Remuneration and Nomination Committee. The current Chairman, Mr Jeff Harding, and Deputy Chairman, Mr Roy Rose, will retire at the Annual General Meeting.
Mr Locke is aged 59 and is based in London. He is the founder and former Executive Chairman of Abbot Group plc, an oil services company which he founded in 1990. Abbot Group was listed on the London Stock Exchange from 1995 until its sale in 2008 for £906 million to a US private equity fund. At the time of the sale, Abbot Group was one of the leading oil drilling service and engineering contractors in the world employing over 8000 people and operating in over 20 countries.
Mr Locke is currently Chairman of Argenta Holdings plc, an unlisted holding company which trades in the Lloyds of London Insurance Market and non-Executive Chairman of Hardy Oil and Gas plc and First Property Group plc. As required under schedule 2(g) of the AIM rules, in the last five years Mr Locke has also been Chairman of Abbot Group plc and Mecom Group plc.
Mr Locke has personally invested in each of the Company’s fundraising rounds since 2009 including the recent overseas offer and he has a beneficial interest in 73,912,988 shares in the Company (approximately 4.7 percent of the Company’s issued shares).
Mr Locke holds a History and Economics Degree from Oxford. His early career started in investment banking at Citigroup in 1974, where he specialised in shipping and oil. Mr Locke was Overall Scottish Entrepreneur of the Year in 1999, Grampian Industrialist of the Year in 2003 and winner of the Scottish Business Achievement Awards Trust International Business Achievement Award in 2007.
Ceramic Fuel Cells is a world leader in developing fuel cell technology to generate highly efficient and low-emission electricity from widely available natural gas. Ceramic Fuel Cells has sold its BlueGen gas-to-electricity generator to major utilities and other foundation customers in Germany, the United Kingdom, Switzerland, The Netherlands, Italy, Japan, Australia, and the USA. Ceramic Fuel Cells is also developing fully integrated power and heating products with leading energy companies E.ON UK in the United Kingdom, GdF Suez in France and EWE in Germany. The company is listed on the London Stock Exchange AIM market and the Australian Securities Exchange (code CFU).
Source: Ceramic Fuel Cells
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