Sales revenue for Calgary-based Global Thermoelectric increased to $18.3 million in the third quarter thanks to stronger generator sales and service.
Global, which manufactures and distributes thermoelectric generators for use in remote locations, said revenues for the nine months ending Dec. 31 were up about $4.3 million from the same period the year before.
The company also produces personnel heaters for the defence industry, and develops solid oxide fuel cell technology (SOFC).
The company said it accelerated its fuel-cell commercialization programs in 2000, which resulted in increased research and product development costs of $4.9 million, compared to $1 million the previous period. Primarily because of the increased R&D costs, Global incurred a net loss of $2.3 million (10 cents a share) for the nine months ended Dec. 31, 2000, compared to a net loss of $1.4 million ($0.07 a share) for the similar period in 1999.
“The last nine months of 2000 have been extremely productive,” said Jim Perry, Global’s president and CEO. “We have become a well-financed fuel cell developer with the ability to rapidly mature our leading-edge technology; we commissioned a pilot plant to develop volume SOFC production processes; and established our first significant distribution alliance to sell residential fuel cell systems,” he said.
Global completed a $100-million financing in 2000. In addition, Enbridge Inc., Canada’s largest energy distribution company, invested $25 million to fund residential product development work.
The company said it is well-positioned to fund further development of SOFC technology. It defines two priorities for 2001:
* Rapid development of prototype residential and remote power systems throughout 2001, leading to field-testing in 2002.
* To aggressively expand its business ties with potential U.S. partners and allies to secure market access in the U.S.
