IdaTech loses $13.5 million

IdaTech LLC lost $13.5 million in the first half of 2010, compared to a $13.1 million loss a year ago, according to its six-month financial update.

The Bend-based fuel cell maker attributed the loss to its decision in 2009 to transition away from government project work to better focus on its core commercial fuel cell product development business. The result was a $0.5 million loss in project revenue, and a $0.8 million increase in product sales, which were boosted in part by a deal announced in April to ship 108 IdaTech backup power fuel cells to Indonesia.

IdaTech also indicated it is exploring options to refinance its debt. The company's debt is provided by its largest shareholder, The Investec Group, which has said it will continue to fund the business. Under terms of the current agreement, the debt is due on March 31, 2012. IdaTech also said its board will explore opportunities to raise additional equity in 2011.

The company did $4.5 million in sales in 2009.

Source: Suzanne Stevens, Portland Business Journal