Active Power is poised to become a leader of battery-free uninterruptible power solutions to meet the global demand for critical backup power. Active Power’s CleanSource is an integrated flywheel motor-generator that stores kinetic energy in its constantly spinning, quiet, low-friction steel disc. Stored energy from the flywheel is instantly converted to electricity and powers the critical load during utility disturbances, or until a standby generator takes over. This unique innovation really has proven the company’s core strengths. During the quarter, the Company shipped their 2,000th flywheel, representing more than 500 megawatts of delivered power to customers.
Revenue for the third quarter was $12.4 million, representing the highest quarterly revenue recognized in the company’s history. The $12.4 million in revenue for the third quarter was an 83 percent increase from the previous quarter and an increase of 51 percent from the same period last year. Service revenues for 2008 were 40 percent higher compared to 2007 levels, which continue to reflect benefits of having a direct sales model in place and selling full turnkey solutions. Active Power also stated that they expect fourth quarter results to be just as lively, with numbers between $12 million and $15 million.
“Our strong performance this quarter is attributable to the order growth we have seen since the beginning of our second quarter,” said Jim Clishem, president and CEO of Active Power. “We expect to significantly build upon this momentum into the current quarter as well. The increasing market acceptance of our products is driven by our key solution differentiators of efficient, reliable and green. Our brand is becoming more recognizable as we are taking share from several competitors. With the prospect of continued economic uncertainty, increasing energy demand and client operating cost sensitivities, our solutions are simply more compelling to major data center operators or consumers of electricity to support mission critical operations.”
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