IdaTech reports another operating loss > Fuel Cell Dispatch

IdaTech reports another operating loss

Bend-based fuel-cell maker IdaTech recorded an $11 million operational loss for the first half of this year, a nearly 10 percent improvement over the same period last year, the company announced Friday.

It also intends to stop trading shares on the London Stock Exchange.

For the six-month period ending June 30, IdaTech reported that revenue from sales increased 26 percent over the same period a year ago, climbing from $1.7 million to $2.4 million.

Headquartered on Northeast 18th Street, IdaTech makes fuel cells that provide backup power to mobile sites and is developing systems to serve as primary energy sources for sites not connected to the electrical grid.

Board members of the public company also want to cancel trading on the AIM, the London Stock Exchange’s international market for smaller growing companies, Idatech CEO Hal Koyama said in a news release.

If shareholders approve, the move would give the company more flexibility in arranging financing and entering into partnerships, according to the news release. Also, trading shares takes time away from management and incurs costs without providing significant benefit.