Heliocentris Releases Corporate Update

Berlin - 9 March 2010. Heliocentris Fuel Cells AG, a leading supplier of clean energy storage solutions, today published its provisional results for the year ending 31 December 2009.
 
The company achieved revenues of € 3.4 million, which is a 31% increase on the previous year (2008: € 2.6 million). The revenue related gross profit was with 44% again very strong, slightly lower, however, than previous year (48%) resulting from a larger strategic project with a significantly lower margin.
 
The net loss for the financial year came to € 2.8 million (2008: € 2.3 million). The incurred loss was in line with the company's growth plan which now leaves the company well positioned to expand its entry into industrial markets.
 
Dr. Andras Gosztonyi, CFO of Heliocentris Fuel Cells AG commented: "We are proud of increasing our revenue growth so clearly - despite a challenging market environment. Our success in acquiring projects for major autonomous energy supply and storage solutions underlines our expertise and strong international positioning. With further projects in the pipeline in both the stationary and mobile field, we are very confident for 2010."
 
Dr. Henrik Colell, CEO of Heliocentris commented: "2009 was an important growth step for the company and we have achieved a lot. We have reached important technical milestones and we are fully in-line with our roadmap for the launch of advanced storage solutions in stationary and mobile markets."
 
The Managing Board expects major milestones to be reached in these fields this year. The company now has a team of outstanding technology and industry experts in the area of alternative energy systems and vehicle engineering that will allow it to implement its industrial strategy aggressively.
 
Highlights of 2009:

    * Accelerated revenue growth compared to the previous year
    * Acquisition of several major projects in the field of autonomous energy supply and storage solutions, one of which was from an oil company in Bahrain
    * Signing of an OEM agreement with the Lucas-Nülle Gruppe GmbH, a renowned global player in the field of technical training equipment, giving Heliocentris access to new revenue channels, especially in the area of large projects equipping full laboratories
    * Launch of the new Heliocentris Nexa 1200 fuel cell system platform, building the base for our storage solution offering in the field of emergency and autonomous power markets
    * Delivery of an electrolyser as a hydrogen filling station for the fuel cell bus of the city of Barth, Germany, following the successful integration of a hybrid solution in the bus by Heliocentris in 2008
    * Capital increase with gross proceeds of €4 million reflecting the support of our existing shareholders and a new strategic shareholder, Conduit Ventures. Conduit with shareholders such as Shell, Mitsubishi and Solvay is a renowned venture capital company and an acknowledged expert in the field of energy storage technologies

As of 31 December 2009, Heliocentris held cash and cash equivalents of € 3.9 million (2008: € 2.5 million). All figures are unaudited.
 
Publication of the audited annual financial statements is scheduled for 25 May 2010.

Source: Heliocentris