Canadian
Stock Profiles| Canadian
Stock Profiles |
| While fuel cell pioneer
Ballard Power Systems is almost a household word now,
there are other companies in this field. One of them is
Fuel Cell Technologies Corporation. In 1994 FCT acquired core aluminum oxygen technology from Alcan and has been developing it into a profitable line of products. These include aluminum oxide semi-fuel cells to power remote controlled submersibles. FCT's cells increased the range of the ARCS submersible built by ISE Research from 50 km. to 300 km.. Other products include telecommunications Reserve Power Units and portable units for military applications. The company is the Ontario representative for Saft, a division of Alcatel which manufactures nicad industrial batteries. It also acts as an agent for GNB Technologies, a world leader in sealed lead-acid batteries. The company started trading publicly on May 5th after a reverse takeover of ThermicEdge Corporation by employee-controlled Fuel Cell Technologies Ltd. with a new focus - to develop solid oxide fuel cell (SOFC) technology for the home and off-grid remote power markets. In June 2000 the company reached a major agreement with Siemens Westinghouse Power Corporation to jointly work on a feasability study for the residential unit. Following the study, they may develop a prototype. Florida based Siemens Westinghouse is the regional business division for the Americas of the giant international Siemens Company of Germany. The residential unit will be about the size of a furnace and generate 5 kw of AC power as well as hot water and hot air. It will be convert hydrogen derived from natural gas or propane. The company also has strategic alliances with inDEC/ECN of Holland and Kinetrics (formerly Ontario Power Technologies). The Kingston, Ontario based company has been profitable in four out the last five fiscal years. Second quarter financial reports to June 30, 2000 show the company to be free of long term debt with $5.5 million in cash and short term investments. A doubling of spending on research and other expenses caused the company to declare a loss of $0.03 a share for the six months to June 30, 2000. Shares Outstanding: 24,087,780
Address: Phone:
613-544-8222 Page last updated: Sept. 3, 2000 |
Stock Symbol: FCT (TSE) News: Forums: |