Fuel cell developer IdaTech says first half performance in line with expectations

US Based fuel cell developer IdaTech Plc (AIM: IDA) released their half year interim report today, reporting a substantial increase in sales as revenues from product sales increased by 55%. IdaTech also reported operational highlights for the period which included a completed product acceptance of the new ElectraGen™ H2.

IdaTech, which designs and manufactures extended run backup power fuel cell products for telecommunications and other critical applications, was founded in 1996. IdaTech’s clean, reliable fuel cell solutions provide critical backup power to grid-connected and remote sites.

IdaTech operates in partnership with supply chain partner Ballard Power Systems and has a key client in ACME Tele Power who placed a significant order for IdaTech’s ElectrGen H2 fuel cell for the Indian telecommunications market.

During the six month period Idatech made substantial progress on product development with its natural gas fuelled fuel cell system reaching ‘significant milestones’. Similarly IdaTech began development of a methanol-water fuelled fuel cell system.
IdaTech also expanded the company’s international reach, by establishing an office in the Asia-Pacific region - in March IdaTech announced it had opened a regional sales office in Kuala Lumpur, Malaysia, it also signed two partnership agreements for marketing and distribution in the area and completed a successful two-month installation trial in Malaysia with TIME dotCom.

IdaTech also progressed its Latin America operations, achieving an additional distribution partner in region. IdaTech won an order for 14 systems from the Latin American region for delivery by end of 2009. Production developments were achieved in Latin America as well, the successful completion of the first high rate production run at IdaTech's Mexican facility, validated its capability estimates.

The company reported an operating loss of $13 million (USD) during the period, which fell in-line with previous guidance. IdaTech stated that they had made considerable progress in reducing component and product costs
IdaTech CEO, Hal Koyama commented on the group’s progress, which is set to position IdaTech’s emerging technology in-line with large scale diesel generators;

“IdaTech continues to focus on developing and deploying systems for critical power applications as the entry point for mass commercialisation and profitable growth... the Company has made significant strides improving product performance, reducing product costs and preparing the market for our products.”