Estonian distributor Synergy International has agreed to purchase 20 million euros worth of fuel technology from Ceramic Fuel Cells, a publicly traded Australian firm based in Melbourne, sending share prices soaring 47 percent on November 28.
Over the next two years, Synergy International has committed to buying at least 1,000 BlueGEN units, a device used to produce electricity from gas, reported Äripäev. There is also an option to continue for a third year.
The plan is to resell the technology in the Baltics and Scandinavia, where the Estonian company will be the exclusive distributor.
Synergy International was recently established specifically for dealing the Australian technology. A main shareholder of the comany is Tameo Grupp, a wholesaler of electrical materials.
"This is just the first step, plans are much bigger," said Urmas Tsirel of Tameo.
Tsirel said the technology has been developed for 20 years and only reached the market last year. Ceramic Fuel Cells, which describes itself as a world leader in developing fuel-cell-based micro power plants, is currently in the red.