Ballard revenues up 45 percent

Ballard Power Systems reports that its revenues for 2010 up to the end of the third quarter (Sept 30th) are USD $43.9m, which is an increase in 45 per cent on the first 3 quarters of 2009.

The revenue for the third quarter only was $16.5m, up 83 per cent on the third quarter of 2009.

The company has cash reserves of $72.9m.

The company sees its key markets as fuel cells for backup power, distributed generation (generating electricity away from the grid), material handling (fork lift trucks) and for passenger buses.

The company has sold 1895 fuel cell stacks in the first three quarters of 2010, a growth of 105 per cent on the previous year. This includes 1010 fuel cell stacks for backup power, 755 fuel cell stacks for material handling (compared to 182 for the whole of 2009), and "significant progress" in fuel cells for distributed generation.

So far in 2010, the company has deployed Dantherm Power hydrogen backup power systems in a major new network, Wind Mobile in Canada. It has delivered a 1 mW distributed generation system to FirstEnergy Generation Corp of Ohio, booked a distribution generation system utilising hydrogen gained as a by-product for another process, for K2 Pure Solutions.

Unfortunately the company is still losing money, with a $26.5m net loss for 2010 to date, 8 per cent better than at this stage in 2009.