Fuel Cell Technologies Corp. (FCT, Kingston, ON) reported on the quarter ended March 31, 2004. Total revenue was $253,108 in the first quarter of 2004 compared to $536,290 in the same quarter of 2003. This decrease in revenues quarter-over-quarter reflects FCT's focus on developing the second-generation, 5 kW, solid-oxide fuel cell product for delivery later in 2004. The majority of the billable work during this quarter related to Solid State Energy Conversion Alliance (SECA) whereas in the first quarter 2003, FCT was involved with both SECA and Ford Motor Co. projects.
During the first quarter of 2004, FCT announced a further two firsts in the company history. The 5 kW solid-oxide fuel cell operating in Alaska as part of a demonstration project by the University of Alaska Fairbanks and Fairbanks Natural Gas exceeded 5,000 hours of operation, and FCT was awarded an Electricity Generation License by the Ontario Energy Board. The latter, while not expected to be a material revenue source for FCT, is important because it allows power generated as part of the manufacturing process to be exported to the grid. Also during the first quarter, Acumen Capital Finance Partners exercised a small number of compensation options, which provided $36,800 to FCT.
