Trading Update and New Contract Win

 

TIDMIDA 
 
RNS Number : 3684F 
IdaTech PLC 
12 January 2010 
 

 
 
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| For immediate release              |                    12 January 2010 | 
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IdaTech plc 
("IdaTech" or "the Company") 
Trading Update and New Contract Win 
 
 
IdaTech plc (AIM IDA.L), a global leader in the development and manufacture of 
clean and reliable PEM fuel cell products for critical backup power markets, 
today provides a trading update for 2009. The Company will announce its 
preliminary results for the year ended 31 December 2009 at the end of March 
2010. 
 
 
Trading Update 
IdaTech has delivered fuel cell system sales volumes ahead of market 
expectations, despite the extraordinarily difficult year for businesses 
globally, increasing the number of units sold by over 5 times the 2008 volume. 
Overall 445 systems were sold during 2009. 
 
 
Revenue for the year was $6.6 million (2008 $5.9 million) an increase of 
circa 12% on 2008 with revenue from product sales almost doubling to $4.5 
million from $2.4 million. The sales mix in the year compared with 2008 was more 
heavily skewed towards direct hydrogen systems which have lower selling prices 
than reformed systems. This was a result of two factors; the economic downturn 
resulting in IdaTech's customers utilising certain Government subsidies which 
currently favour such direct hydrogen fuelled systems and the sale of 300 
ElectraGenTMH2-I systems in India to ACME TelePower the Indian 
telecommunications supplier. The loss before tax on ordinary activities from 
continuing operations and the cash burn will also be better than market 
expectations. 
 
 
During 2009, IdaTech focused its development resources on the next generation 
methanol/water fueled system and the natural gas fueled system.  Once completed, 
both systems will demonstrate step changes in performance and in cost reduction, 
thereby positioning IdaTech to address a significantly increased portion of the 
critical power backup markets worldwide. As a result of this focus, IdaTech will 
devote its development effort to the 1-5kW power output product range. A 
non-cash, impairment charge, of $2.7 million (after tax) in the carrying value 
of the intangible assets will be recorded reflecting the shift away from the 
commercial development of the smaller 250 Watt product line.  The valuation of 
the core technology of the business remains intact. 
 
 
The Company also successfully renegotiated its Supply Contract with ACME 
TelePower to secure more favorable pricing and product launch timing. ACME 
TelePower remains a strong partner in the Indian Telecommunications market. 
 
 
Additionally, the Company completed two development contracts. The most 
significant related to the advanced development of its proprietary metal 
membrane hydrogen purification technology, Hypurium(TM) for large scale 
industrial applications. 
 
 
Contract Win 
At the end of 2009, the Company received an order for 108 systems for delivery 
and deployment in the first quarter of 2010. This already positions IdaTech for 
2010 with a backlog of nearly one quarter of the 2010 full year market 
expectations. 
 
 
Further details of the performance of the business during 2009, the Company's 
strategy for achieving sustainable growth and profitability and the outlook for 
2010 will be provided in the preliminary results. 
 
 
For further information please contact: 
 
 
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| IdaTech plc                            |                  [phone] | 
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| Harol Koyama, Chief Executive Officer  |                                  | 
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| James Cooke, Chief Financial Officer   |                                  | 
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| Numis Securities Limited               |             [phone] | 
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| Michael Meade                          |                                  | 
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| Buchanan Communications                |             [phone] | 
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| Charles Ryland / Catherine Breen       |                                  | 
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About IdaTech 
 
 
IdaTech plc is an advanced fuel cell products company which is operationally 
headquartered in Bend, Oregon, USA and is listed on AIM with the ticker code 
IDA. 
 
 
IdaTech designs, develops, and manufactures extended run backup power fuel cell 
products for Telecom applications requiring 100 W to 15 kW of backup power. 
IdaTech's unique PEM fuel cell technology provides solutions for a wide range of 
applications to directly support efforts towards sustainable energy. 
 
 
IdaTech's portfolio of industry-certified fuel cell products are based on the 
company's fuel processing, purification and fuel cell system integration 
capabilities. With the support of strategic partners and customers, the 
company's extended run backup power products are being deployed worldwide for 
stationary applications. 
 
 
Additional information may be obtained by contacting the company direct or by 
visiting its website at http://www.idatech.com. 
 
 
 
 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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