Proton Power (AIM: PPS), the designer, developer and producer of fuel cells and fuel cell electric hybrid systems, it has today granted options over ordinary shares in the capital of the Company, at an exercise price of 10 pence per share, to the following directors of the Company:
No. of options
Thomas Melczer - Chief Executive Officer
John Wall - Chairman
Achim Loecher - Finance Director
Helmut Gierse - Non-executive director
The options granted are exercisable after two years from the date of grant and subject to achieving certain individually defined operational and financial performance targets and to final board approval. The options expire on the tenth anniversary of grant.
Save for the above, the directors' beneficial interests remain unchanged and as previously announced.
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.
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