Ceramic Fuel Cells (LON:CFU) Limited (CFU, 10.5p, £126.07m) has announced its BlueGen fuel cell/boiler has been installed and is operational in a Melbourne home.  This is part of a $1.3m pilot in Victoria that will see 30 units in public housing properties – funded by Victoria’s Sustainability Fund. We see the rating as up with events – with a better value proposition in the form of AFC Energy Plc (LON:AFC) which is also marching firmly towards commercial installations of its industrial scale fuel cells. HOLD  

ITM Power (LON:ITM) (ITM, 55p, £60.41m) Now May Gurney Integrated Services (LON:MAYG) has joined the HOST trials of an on-site hydrogen generator and converted Ford vans. So ITM now has 16 operations taking a free trial and so will look green. Four months of trials…. We continue to explain that fleet operators have a wide variety of alternative green technologies, most of which are simpler to adopt – such as biofuels/hybrids/electric vehicles so the idea the world will go green and adopt a technology that is efficient but a pain to use (think high pressure tanks, outgassing as temperature rises etc) will eventually become more tempered. We rate the technology but the valuation is up with events. HOLD  

Judges Scientific (JDG, 385p, £16.08m) Trading update for the year ending December 2010 has highlighted results are likely to exceed current market expectations. The group acquires small scientific based technology/instrumentation businesses. Its most recent acquisition, Sircal in March, is performing in-line with expectations. Forecasts of £2.5m PBT with 37.4m EPS and 7.5p DPS could increase towards £2.65m with 39.6p EPS with 7.5p DPS – a PER of 9.7x with a 1.9% yield. We see upside to 12x so rate the company a continued BUY with an increased price target of 475p.  

Media Corporation (MDC, 2.55p, £8.25m) Trading update for the year to September 2010 has highlighted the benefit of the Purple Lounge online gambling brand and the recovery of the Gambling.com’s return to the no.1 in Google search rankings with revenues of £25.6m (£3.5m) and gross profits of £6.3m (£0.9m). The EBITDA loss has reduced to £0.62m (loss £2.40m) - though that of course implies costs, ex…

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