(Alliance News) - Proton Power Systems PLC on Thursday said it has obtained EUR1.3 million of financing for its ebe Europa GmbH order of 15 hydrogen powered fuel cells.
Shares in Proton Power were down 11% at 30.85 pence in early afternoon trade.
The fuel cells will be used to power electric buses in Germany, with the ultimate customers being "the city councils of Frankfurt am Main, Mainz, Muenster and Wiesbaden".
The contract is worth EUR4.1 million to fuel cell maker Proton Power, including maintenance.
The EUR1.3 million loan is backed by collateral which covers the capital plus interest from Proton Power Chief Executive Faiz Nahab. The collateral is provided for free to Proton Power. Nahab is considered a related party to the company under the deal.