Fuel cell developer Medis Technologies Ltd. (Nasdaq: MDTL) share jumped 80% yesterday. The rise came after the company announced that recently completed tests prove its fuel cell technology is more than twice as powerful as the advanced battery technology currently considered the established technology performance leader by military organizations.
As a means of demonstrating its value for important portable military applications such as tactical radios with heavy-duty use profiles, the Medis fuel cell technology was tested in a broad range of temperatures and environments, and more than doubled its end-point tests. The company expects to extend the advantages of this technology to consumer applications such as laptop computers, PDAs and other electronic devices.
Medis Technologies CEO Jose Mejia said the test results propel the company to target burgeoning military, security and border-patrol applications including tactical radios, remote sensors, mini unmanned airborne vehicles (UAVs or "drones") and Future Soldier applications.
However, Medis share fell back 22.3% in early trading today, giving a market cap of $26.5 million.
Published by Globes [online], Israel business news - www.globes-online.com - on June 23, 2009
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