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Losses at Proton reduced as turnover jumps

By BFN News | 09:00 AM | Friday 03 June, 2011


Turnover increased by 273% to £718,000 at Proton Power Systems, the designer, developer and producer of fuel cells and fuel cell electric hybrid systems, in the year ended 31 December 2010. It secured €6,480,000 of new funding from convertible loans (2009: £3,930,000) and its loss was £3,018,000 (2009 Loss: £4,888,000) A convertible loan facility was extended to €7.56m. of which €6.34m. has been drawn down. Proton achieved successful trial results of a fuel cell range extender, developed with Smith Electric Vehicles ("SEV"), and was awarded grant funding worth €9.2m. from the National Innovation Programme ("NIP") Triple Hybrid Bus with Skoda Electric in the Czech Republic has upgraded with a new system based on the latest PM200 stack fuel cell stack. John Wall, Chairman of Proton Power, commented: "Proton Power is pleased to report a positive year in which turnover increased by 237% to £718,000. We have seen a general shift in the attitude of automotive manufacturers and governments which are increasingly recognising the importance of supporting the growth of a hydrogen infrastructure. "During the year, Proton Power has been working closely with our partners and has received funding from them to help develop the most efficient roadmap for delivering battery and fuel cell solutions to the German electric mobility market. "I am pleased to report good progress on our range extender project and stationary applications and I remain confident that continued progress will be made on our stack and system development and integration. While economic conditions and market growth remains volatile, the Group has been fortunate to have the support of its loyal shareholders such as our lead investor Roundstone Properties, who have provided the Group with the necessary funding." At 9:00am: (LON:PPS) share price was 0p at 3.25p Story provided by StockMarketWire.com

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