Oregon based IdaTech, a provider of backup power hydrogen fuel cell systems and hydrogen fuel reformers, are reporting the results of their 2010 fiscal year. The company shows that its losses narrowed. They cite the launch of profitable products that are on par, price wise, with diesel generators as a major turning point for the company. IdaTech entered brought in the new fiscal year with a backlog of more than $1.6 million in orders.
“The price competitiveness is expected to stimulate sales growth and improve the profit margin,” states IdaTech CEO Hal Koyama. Evidence of this can be seen from the results of last year, which show a reduction in losses from $5 million to $3.2 million. Koyoma believes the group is in a prime position for growth in the upcoming year.
IdaTech’s success financial success in using hydrogen fuel cells, as well as other types of fuel cells, lends credence to the viability of hydrogen power. Many companies have avoided incorporating fuel cells because of their inherently high cost. Most fuel cells, whether they are hydrogen or otherwise, use platinum catalysts, which are expensive to manufacture. The lack on a sufficient infrastructure has also kept hydrogen from being adopted commercially.
IdaTech expects that growth will continue in the years to come, especially as fuel cell technology begins to evolve and become more efficient and more widely utiliz
ed. The company will continue to make strides in developing the best means of providing service to their clients.