Grant funding and bank facili

RNS Number : 3812N

Proton Power Systems PLC

10 June 2010

 



Press Release

10 June 2010

Proton Power Systems plc

("Proton Power" or "the Group")

Grant funding and bank facility

Proton Power Systems plc (AIM:PPS), a leading designer, developer and producer of fuel cells and fuel cell electric hybrid systems, is delighted to announce that it has received approval and support for non refundable grant funding in relation to projects worth in total €9.2 million from the National Innovation Programme ("NIP") of the German Government and has secured a bank facility of €2 million for advances against the grant income. The non refundable grants are being provided in relation to R&D expenditure and to the Company's agreement with Smith Electric Vehicles announced on 2 February 2010.

The NIP will grant fund 48 per cent. of R&D expenditure incurred by Proton up to €5.4 million.

The NIP will also make available to the end customers grant funds of 48 per cent. of the cost of purchasing electric vehicles up to €3.8 million.

John Wall, Chairman of Proton Power, commented: "This is a major new development in the external funding of the company and will facilitate the rapid expansion of our design, testing and stack development for transport and high power applications. It will in particular support our project for the supply of 20 light-duty vehicles with Smith Electric Vehicles."

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For further information: 

Proton Power Systems plc
John Wall, Chairman	Tel: [phone]
Thomas Melczer, CEO	Tel: [phone]
	www.protonpowersystems.com

Arbuthnot Securities Limited
Tom Griffiths / Antonio Bossi	Tel: [phone]
	www.arbuthnotsecurities.co.uk

Media enquiries:

Abchurch Communications Limited
Justin Heath / Hannah Sharman	Tel: [phone]
[e-mail]	www.abchurch-group.com

About Proton Power Systems plc

Proton Power Systems plc is a developer and manufacturer of fuel cells and fuel cell hybrid systems for motive and stationary power supply.  Its sales-driven strategy focuses on identifying applications with the greatest market needs and supplying large volumes of cost-competitive systems to fulfil those needs.  Proton Power is gaining access to a broad range of markets through partnerships with leading OEMs such as Skoda Electric and Smith Electric Vehicles, in addition to contract manufacturers such as Deutsche Mechatronics.

Proton Power's motive applications include forklifts, city buses, municipal utility vehicles, commercial vehicles and ferries.  Stationary applications focus on the Uninterruptible Power Supply ("UPS") sector, where there is a large demand for mission-critical, grid-independent secure power supply in places such as telecommunications stations, data centres, hospitals, and power substations. 

Through its wholly owned subsidiary, Proton Motor Fuel Cell GmbH ("Proton Motor"), the Group has developed and deployed fuel cell modules that can be integrated with energy storage media to create hybrid fuel cell systems.  Proprietary, intelligent energy management software balances the power output across the system to maximise efficiency and improve power delivery.  The system therefore boasts lower fuel consumption and more consistent levels of power delivery than conventional diesel/combustion engine or fuel cell-only systems, while producing zero harmful emissions.

Proton Power Systems plc was admitted to trading on AIM on 31 October 2006 and is incorporated in the UK.  Proton Motor has more than 15 years of experience in the fuel cell market and is located in Puchheim, near Munich, Germany.

www.protonpowersystems.com

 

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