Announcement
Proton Power Systems : Seven year framework agreement
RNS Number : 5869Z
Proton Power Systems PLC
31 May 2016
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Proton Power Systems plc
("Proton" or the "Company")
Seven year framework agreement
Proton Power Systems plc (AIM: PPS), a Clean Tech total power solution provider, uniquely the designer, developer and producer of fuel cells and fuel cell electric hybrid systems, is pleased to announce that it signed with a blue chip German customer a significant framework agreement for fuel cell emergency power units. The total value of the framework agreement is €15 million for a number of systems which are all expected to be delivered and installed over a seven year period. The agreement currently covers only one of Germany's regions, Bavaria, and follows the first binding order received in April from this customer for the delivery of systems worth €1.8 million during 2016.
The power range of the units to be delivered to this customer varies from 6 to 8kVA and the units will be contained in outdoor cabinets which include hydrogen storage, fuel cells, UPS (Uninterruptible Power Supply) and auxiliary components. These units provide a complete solution based on hydrogen fuel cell technology for long backup time, supplying clean energy for critical loads.
Faiz Francoise Nahab Ph.D., CEO of Proton, said: "This framework agreement is another milestone that will provide year on year revenue streams as commercialization of our core technology is now realized. Our continued investment in our manufacturing capability is now bearing fruits. This is the proof that the fuel cell technology is commercially attractive to customers resulting in projects which will provide years of revenues for Proton. This order demonstrates our expertise in providing complete solutions with a fuel cell as part of a UPS system with a very long backup time. The combination of fuel cell and UPS technology allows us to design complete solutions also for customers with high power rating requirements. We are confident of an increase in demand for hydrogen based applications in 2016 and beyond ".
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For further information:
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Proton Power Systems plc |
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Dr Faiz Nahab, CEO |
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Achim Loecher, FD Ian Peden, Chairman |
Tel: +49 (0) 89 127 626 550 Tel: +49 (0) 162 101 6470
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www.protonpowersystems.com |
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Stockdale Securities Limited Nominated adviser and broker |
Tel: +44 (0) 20 7601 6100 |
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Antonio Bossi / David Coaten |
www.stockdalesecurities.com |
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About Proton Motor Fuel Cells GmbH ("Proton Motor")
Proton Motor is an expert in industrial fuel cells, fuel cell and hybrid systems with more than 21 years of experience in this sector. Based in Puchheim near Munich, Proton Motor offers complete fuel cell and hybrid systems from a single source - from the development and production through the implementation of customized solutions. The focus of Proton Motor is on mobile, marine and stationary solutions and applications. The product portfolio consists of base-fuel cell systems, standard complete systems, as well as customized systems.
Proton Motor acquired and integrated SPower GmbH in 2013. Established in 2007, SPower serves IT, Telecoms, public infrastructure and healthcare customers in Germany, Europe and Middle East with power supply solutions for DC and AC power demand. In addition to power supply, SPower also offers solutions for Solar Systems as well as a new product line for Solar Energy Storage. With the SPower expertise, Proton Motor can offer complete power supply solutions with fuel cell and all electrical components.
Proton Motor is a wholly owned subsidiary of Proton Power Systems plc which has been listed on the London Stock Exchange since October 2006 (code: PPS).
This information is provided by RNS
The company news service from the London Stock Exchange
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