Radiant Energy Corp.'s third-quarter loss widened as the Orchard Park company shifted its focus to marketing its environmentally friendly aircraft de-icing system.
Radiant Energy, which had no sales during the quarter, said it lost $276,930, compared with $226,180 the year before as it cut back on its research and development spending and stepped up its sales and marketing efforts for its InfraTek de-icing system.
"We currently have the capital, marketing structure and affiliations to roll out InfraTek on a worldwide basis," said Colin Digout, Radiant Energy's chief operating officer.
The company, whose operating unit previously was known as Process Technologies Inc., also said it has changed the name of that business to Radiant Aviation Services Inc. to better reflect its focus on the aviation industry.
Radiant Energy's aircraft de-icing system uses infrared heaters to melt snow and ice off planes in a process that company officials say is faster, cheaper and environmentally safer than conventional methods that rely on glycol-based solutions sprayed onto the airplane.
But sales have been slow in coming to the company, which has two of its preflight de-icing systems up and running in commercial applications. The hangar-like de-icing centers are now in use at the Buffalo Niagara International Airport and the Rhinelander-Oneida County Airport in Wisconsin.
Still, Digout said Radiant Energy's finances were strengthened by a pair of deals that brought in $3.55 million in new capital during the spring and summer.
In the biggest deal, Boeing Capital Services Corp., a subsidiary of the Boeing Co., acquired a 20 percent stake in the company through a private placement. Boeing Capital has agreed to provide Radiant Energy with up to $10 million in lease financing for the construction of de-icing service centers.
In the second deal, Radiant Energy raised about $1.27 million through a debenture rights offering.
The company began a partnership in May with Germany's Lufthansa LEOS GmbH to promote the installation, sale, maintenance and service of InfraTek systems in Europe and Scandinavia.