Ceramic Fuel Cells (LON:CFU), the Australian cleantech company behind the development of high efficiency and low emission electricity generation units for homes and other buildings, is set to pick up around $3.9m from a legal case against its former investment advisor.

In late 2009 Ceramic Fuel Cells began legal action in the Federal Court in Melbourne, Australia against its former investment and treasury advisor, Oakvale Capital Ltd, relating to losses suffered by Ceramic Fuel Cells on financial investments. The litigation was funded by ASX-listed litigation funder IMF Australia Ltd. IMF is paying the costs of the litigation, including the company's legal costs, in return for an agreed share of any judgment or settlement sum.

Ceramic Fuel Cells and IMF have agreed to settle the case against Oakvale Capital, with Oakvale's insurer to pay the agreed settlement sum by August 27, 2010. After legal costs and IMF's agreed share of the settlement sum, Ceramic Fuel Cells will receive approximately $3.9m including tax. Earlier in August Ceramic Fuel Cells announced the first sale of its flagship gas-to-electricity BlueGen unit in the US as well as a deal with Japan’s largest gas utility, Tokyo Gas.

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