which was sold in 2005 to create NuCellSys GmbH, Ballard's operating cash consumption was $64.2m. The firm's 2005 year-end cash reserves of $233m decreased just $7.2m from the previous year.
The company has also increased shipments: it shipped or booked orders for 221 of its Mark 1030 fuel cells, primarily for integration into 1 kWe residential fuel cell cogeneration systems for the Japanese market, as well as shipping or booking orders for more than 150 of its Mark 9 SSLโข fuel cells for electric forklift applications in the materials handling market.
Ballard achieved its 2005 Technology Road Map targets, demonstrating automotive fuel cell stack technology with characteristics of $73 per kW cost (at high volume manufacturing), freezestart capability at -25ยฐC, a volumetric power density of 1470 W(net)/liter, and durability of more than 2100 h.
For 2006 the firm's objectives for residential fuel cell cogeneration include shipping or booking 280 Mark 1030 fuel cells and delivering a prototype next-generation fuel cell for field demonstration, while for materials handling and backup power it will ship or book 300 Mark 9 SSLโข fuel cells. In the automotive sector its 2006 Technology Road Map goals are reducing cost further to $65 per kW, freezestarting at -30ยฐC in 195 s, a power density of 1500 W(net)/liter, and durability of 2300 h. It also aims to deliver the next-generation automotive fuel cell prototype and a next-generation electric drive prototype for FCVs.
'We expect 2006 revenues to improve to between $55 and $65 million and, with the sale of BPSAG and the cost reduction initiatives implemented in 2005, we expect our operating cash consumption