A REVOLUTIONARY company is to float on the Alternative Investment Market (AIM) in a bid to make its technology a global leader.

The flotation, which will take place next week, is set to raise Basingstoke-based Voller Energy a massive £10million.

Voller Energy was set up in offices in Basepoint only three years ago by founders Stephen Voller and Mike Clarke.

And by the end of this year, the company is planning to have a 10,000sqft manufacturing facility in Basingstoke to take its portable fuel cell systems to the mass market.

It also has the opportunity to take up government grants to build a factory in Sheffield to give it a second manufacturing site.

The ambitious business plan means that, in about 12 months, Voller Energy will be employing around 30 people instead of the 1current 10-strong staff.

Chief executive Stephen Voller, 45, began the process of the AIM flotation last summer.

He said: "Today, we have more demand than we can satisfy and have to raise money to step up manufacturing.

"We want to reach profitability in three years' time - and for a company doing new technology, that's pretty quick."

Voller Energy was established in 2002 to design, develop, manufacture and market a range of portable fuel cell systems for use as mobile generators and battery rechargers, and has already filed for four patents.

Its target markets for the three products it currently has available include temporary buildings, where there is no power, yacht battery chargers, recreational vehicles, the power tool-hire market, and military lightweight generators and battery chargers.

The fuel cell technology is also set to triple the battery time of laptop computers and mobile phones.

Voller Energy is alreading exporting its product to locations such as China and Taiwan, and Mr Voller said: "We are one of the first in the world to develop commercially available fuel cell systems.

"While most other fuel cell component companies are still at an early research and development stage, Voller Energy has built up considerable market knowledge and know-how in building fuel cell systems appropriate for the mass markets."

The future will see the company developing its product with a focus on reducing the size and cost so that, in five years, it will be a player in the domestic market, with flexes on appliances such as vacuum cleaners or hairdryers being replaced by a fuel cell cartridge.

According to Mr Voller, by that time the technology will be "as cheap as disposable batteries".

He described the development of the portable fuel cell systems as an "extraordinary revolution", but added that it has taken three years of complete dedication.

Mr Voller and fellow founder Mr Clarke worked for two years without drawing any salary. And they had to raise £15,000 from their own pockets to match a £45,000 development grant from the Department of Trade and Industry (DTI).

When a second DTI grant of £133,000 was won, Voller Energy raised another £350,000 from business angel investors - one of whom has become its new chairman.

John Brown, 60, took over the role last April and is about to retire as chief executive of Wigan-based Speedy Hire, which he founded in 1977 and drove forward to become a chain of depots and a FTSE 500 company.

Speedy Hire will be renting out the Voller Energy fuel cell machine to cordless power tools on construction sites.

Mr Voller said: "The board is particularly pleased to have John as our chairman. He brings a wealth of knowledge of the UK construction and tool-hire market and experience of listed companies and of public company life.

"Our aim is to become the leading provider of portable fuel cell systems and John will play a key role in our forward strategy."

Last year, Voller Energy was a finalist in the New Business of the Year category of the Basingstoke Business Awards.

Chief executive Stephen Voller is now looking to submit a winning entry for the 2004/05 awards.