Hydrogenics Looks to Contracts for Profit Rebound

August 11, 2004 [SolarAccess.com] Second quarter financial results for Hydrogenics, a Canadian fuel cell company, are down US$ 3.2 million, 48 percent, from the same quarter in 2003. The company is looking to a recent collaborative agreement with Deere & Company to support a rebound for the rest of the year. The company’s second quarter 2004 revenues totaled $3.6 million, compared with $6.8 million for second quarter 2003. Net loss for the second quarter 2004 was $8.5 million. Decrease in revenues was primarily attributable to a decrease in test equipment revenues, according to the company. “We are still heavily dependent upon our test equipment business to achieve our goal of commercial sustainability and as such we are clearly disappointed in our top-line revenue performance,” said Hydrogenics’ President and CEO Pierre Rivard. “The agreements we recently signed with John Deere and ChevronTexaco are indicative of our ability to attract world-class partners who see the potential in hydrogen and fuel cell technologies. We remain true to our horizontal business model of working with key OEM partners and leveraging each others’ investment and expertise to accelerate the path to future commercial markets.”

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