Heliocentris Fuel Cells "buy"

12/11/07 - First Berlin

LONDON, December 11 (newratings.com) - Analysts at First Berlin maintain their "buy" rating on Heliocentris Fuel Cells (H2F). The target price is set to €6.90.

In a research note published this morning, the analysts mention that the company has raised additional funds worth €4.35 million in cash, through private placement of its shares. Heliocentris Fuel Cells is expected to use these funds to finance the continued expansion of its systems and solutions division, the analysts add. The company has also entered into a new cooperation and distribution agreement for fuel cell stacks with a German firm, First Berlin says.