PwC sees public fuel cell firms hit higher revenues in 2005, still no profits
- Publisher
- Elsevier Science
- Year
- 2007
- Tongue
- English
- Weight
- 83 KB
- Volume
- 2007
- Category
- Article
- ISSN
- 1464-2859
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✦ Synopsis
PwC sees public fuel cell firms hit higher revenues in 2005, still no profits T otal global revenues for publicly traded companies in the fuel cell sector were up 20% to US$266 million in 2005 compared to $221m for 2004, according to the findings of the latest PricewaterhouseCoopers (PwC) 2006 Fuel Cell Industry Survey. Continuing a trend started in 2003, revenues exceeded spending on R&D. Net losses in 2005 decreased by 19% to $365m, and unsurprisingly none of the individual companies reported profits.
The PwC 2006 Fuel Cell Survey focuses on the 2005 year-on-year financial results of the world's 23 publicly traded companies whose primary business is in the areas of fuel cell production, system integration and/or related fueling infrastructure. Four new companies made their debut in the 2006 survey: Acta SpA (Italy), CMR Fuel Cells (UK), PolyFuel (US), and Voller Energy (UK). These were all new listings on the London Stock Exchange's Alternative Investment Market (AIM), and are focused either wholly or partly on the portable fuel cell market.
'The findings of this latest survey point to a continued evolution of the sector, with a lot more activity in the portable fuel cell market,' says John Webster, survey co-author and leader of PwC Canada's fuel cell practice. 'There is a keen sense of purpose focused directly on products that can be used by consumers at a competitive price and those that will produce returns for investors.'
For the first time Quantum Fuel Systems (US) was the top revenue earner with $54.3m, almost double its 2004 tally. Quantum narrowly overtook former front-runner Ballard Power Systems (Canada), which reported 2005 revenues of $53.7m, a drop of 33% from the previous year. The main reasons for the shifts were Quantum's acquisition of Tecstar, and the reduction of automotive products deliveries at Ballard.
'With a focus on near-term revenue opportunities and cost reductions, there has been continued effort by firms in the sector to improve fuel cell technologies,' says Alastair Nimmons, survey coauthor and a director in PwC's advisory practice. 'We're also seeing more definition around the strategic directions of these fuel cell companies, along with continued consolidation.'
Other key findings of the 2006 survey include: