Turbo Genset, the Anglo-Canadian microturbine manufacturer, on Thursday unveiled a third quarter loss of £538 000 but indicated that commercial production scheduled for early 2002 should enable the company to break even by 2003.
The group, which gained a full primary listing on the London Stock Exchange last July but also has a Toronto quote, said its losses for the third quarter to the end of April had fallen from £694,000 ($970,000) last time to £538,000. The loss per share was pegged back to 0.3p from 0.4p last time.
London-based Turbo Genset has developed technology in relation to high-speed permanent magnet machine systems for power generation, transportation and industrial applications. It is pinning its hopes on the success of a lightweight 400 kW turbine it plans to bring into production next year, aimed at the growing distributed power generation market.
The high-efficiency product, model ENT 4000, is targeted for small to medium sized commercial customers and micro-grids serving both residential and commercial development projects.
Professor Colin Besant, Chairman and Chief Executive said, “There is clearly a large demand for the distributed generation products at the power level on which we are concentrating and our present orders are only the beginning in addressing this vast market.”
The ENT 400 power generation unit was launched publicly in Brussels last month at POWER-GEN Europe 2001.
Turbo is set to open a new 40 000 sq. ft factory close to Heathrow airport in London next month, enabling it to rapidly increase its production. It has a 10-year supply agreement with Detroit Energy, which resulted in an initial order of $8.5 million in October. Last year Turbo signed a supply partnership with Pratt and Whitney, the North American turbine manufacturer.
The energy/now turbine-generator will utilise Pratt & Whitney’s state-of-the-art industrial gas turbine engine, much like a helicopter engine, as the core of the package. This will directly drive a disc-type, high-speed generator system developed by Turbo Genset, along with the associated power electronics.
Turbo’s research and development costs for the quarter rose from £473,000 to £690,000 while general and administrative costs rose from £172,000 to £564,000 due to increased staff numbers and the cost of the new factory. However, Mr Besant said the company remained in a position of financial strength with cash resources of £9.3 million.