Dynetek Industries Ltd, a leader in the design, manufacturing and marketing of proprietary fuel storage cylinders and systems for compressed natural gas (CNG) and hydrogen, reported mixed results for the three months and the year ended 31st December 2007 – with both highlights and disappointments across the 12 month period.
Revenues for the year ended 31st December 2007 were $35m, while fourth quarter cylinder and system sales were 52% lower than in Q4 2006 and research and development revenue stood at 50% higher than Q4 2006, resulting in an overall revenue decrease (for the three months) of 46%.
In the fourth quarter the company had cash flow from operations of $2.4m, 33% higher than Q4 2006, with net loss for the three months ended 31st December 2007
of $2.2m, an increase of $1m from the $1.2m loss in Q4 2006.
In terms of highlights for the year, the company notes that it did receive an order for approximately $7.0m in compressed hydrogen system sales with Magna Steyr, an operating unit of Magna International Inc. The order involves the development, certification and supply of 700bar compressed hydrogen fuel storage systems to Magna Steyr in connection with Daimler’s automotive fuel cell programme.
Dynetek also received an increase in the number of enquiries throughout 2007, with respect to hydrogen systems for hydrogen-powered vehicles. In the past the lack of infrastructure and high operating costs for vehicles powered by hydrogen cast some doubt on market acceptance.