Active Energy Group (LON:AEG) (AEG, 2.875p, £3.23m) Its active voltage stabilisation, that reduces energy usage, has been selected to participate in the Carbon Trust’s Implementations Solutions pilot. A useful marketing plus. We maintain the SPECULATIVE BUY recommendation.

Ceramic Fuel Cells (LON:CFU) (CFU, 10.75p, £129.07m) has announced the receipt of a conditional order for 200 combined power & heat generators from German giant EWE. The order is with some $4.9m over 2 years. The order is conditional on EWE receiving partial funding from the German government’s national hydrogen and fuel cell innovation program, news is expected on its application early next year. Anticipated deliveries will be 70 in 2011 and 130 in 2012. This underlines our belief that between CFU and Ceres, CFU has the better and more commercial technology, so the rating differences are justified, however we continue to rate CFU a HOLD given the valuation and we appear still to be some 2+ years away from commercial sales.  

ImJack (LON:IMJ) (IMJ, 0.45p, £1.36m) has announced a further loan from Jeffrey Morris of £30,000 (at Libor +3%) plus an independent lender has loaned a further £50,000 on the same basis. The loans, including that from the FD previously announced, are secured on the unencumbered assets including the IP. We remain very cautious regarding the outlook and maintain the SELL recommendation.  

Probability (PBTY, 59.5p, £15.64m) the mobile gaming specialist, reports interims to 30 September 2010. Net gaming revenues declined by 67% to £2.3m (H109: £2.5m). An increase in investment increased the group’s pre-tax losses to £0.8m (H109: £0.3m). The renewed growth in the business is growing. The group has laid the foundations to enhance growth. The outlook statement is positive - demand for the products is strong. Overall deposits from players in November 2010 were 65% higher than April 2010. We believe the group is well positioned to offer further growth in the B2B business. The latter coupled with the explosive growth in smartphones internationally, offers Probability with huge opportunities. In our view, Probability’s strategy to expand into different brands and adding new geographies will help transform the company from a UK only business.  The market expects the group to deliver a maiden pre-tax profit of £0.1m with EPS of 0.6p in the…

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