Heliocentris Fuel Cells grows revenue whilst losses deepen

5 July 2010

European energy storage technology developer Heliocentris Fuel Cells’ latest quarterly revenues increased by nearly a third since last year to €770,000 above €580,000 in the first quarter of 2009.

Despite high revenues, the company’s unaudited results show it has moved further into loss, which deepened to losses of €820,000 compared to €580,000 the previous year. At the end of the quarter, its liquid funds totalled €2.7m.

The company’s CFO Dr Andras Gosztonyi said, ‘Besides having won two major projects in Saudi Arabia and Kuwait, the inauguration by the wife of the King of Bahrain of our autonomous power solution for the Bahrain oil company Bapco, was a significant milestone in the first quarter.’

Its board said it is highly confident to continue its revenue growth in 2010.

Heliocentris Fuel Cells is a specialist in clean energy storage solutions based on a combination of batteries, fuel cells and energy management.

The company is listed on the Frankfurter Wertpapierbörse and is headquartered in Berlin with a subsidiary in Vancouver, Canada.

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Tags: energy storage

This story was published on Monday, July 5th, 2010 at 5:49 pm and is filed under Europe, companies, energy storage. You can follow any responses to article entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

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