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Electric utilities

Fuel Cell Industry Sees Promising Developments with New Leadership and Revenue Growth

Strategic Insights

— 2 min read

As the fuel cell industry continues to evolve, several notable developments have emerged, showcasing the technology's potential for growth and innovation. Key players, such as Plug Power, Inc. and International Fuel Cells, have strengthened their leadership teams, while SatCon Technology Corp. has reported significant revenue increases. Meanwhile, BWT AG and Astris Energy, Inc. are making strides in the production and development of fuel cell membranes and power systems, respectively.

Key Takeaways:

  • Plug Power, Inc. has appointed Roger B. Saillant as president and chief executive officer, bringing over 30 years of experience from Ford Motor Co. and Visteon Corp.
  • Saillant will join the company's board of directors and be responsible for overseeing the company's overall business strategies and commercialization activities.
  • International Fuel Cells (IFC) has appointed Harol H. Koyama as vice president, business development and strategy, with a focus on identifying strategic partners and negotiating deals to advance IFC's objectives.
  • Koyama will report to IFC president William Miller and work alongside other newly appointed executives, including Frank Preli and Dan Kelly.
  • SatCon Technology Corp. has reported a $6.3 million revenue increase in the fourth quarter, a 157% growth from the previous year, with total revenue reaching $10.3 million.
  • Revenue for the year ended September 30 also rose by $15.6 million, or 100%, to a record $31.1 million.
  • BWT AG expects to sell $2 million worth of fuel cell membranes in 2001, following the company's investment of $5 million in their production.
  • Astris Energy, Inc. has completed responses to the Securities and Exchange Commission's queries related to its application for full-reporting status, clearing the way for approval and subsequent listing on the OTC bulletin board.

Statistics:

  • SatCon Technology Corp.'s revenue growth: $6.3 million (157% increase) in the fourth quarter and $15.6 million (100% increase) for the year.
  • Revenue for the year ended September 30: $31.1 million (up from $15.5 million in 1999).
  • BWT AG's projected fuel cell membrane sales: $2 million in 2001.
  • Astris Energy, Inc.'s portable power system capacity: 1.5 kW.
  • Astris Energy, Inc.'s residential power system capacity: 4 kW.

Sources:

  • "Plug Power Appoints Saillant As New President", Plug Power, Inc.
  • "Europe's BWT AG forecasts fuel-cell membrane sales", United Press International.
  • "International Fuel Cells Appoints Koyama As Vice President, Business Development And Strategy", United Press International.
  • "SatCon Technology Corp. Reports Record Revenue", SatCon Technology Corp.
  • "Astris Energy Completes SEC Response", Astris Energy, Inc.

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