Proton Mtr Pwr Share News (PPS)

(Sharecast News) - Proton Power Systems on Wednesday signed a joint-venture agreement to establish hybrid heavy-duty truck maker Clean Logistics GmbH.The new Hamburg-based venture, in which Proton owns 33.33% of the share capital, is intended to build trucks that run purely on fuel cell hybrid systems that utilise hydrogen fuel cells in the range of 75 - 150KW.The other venture partners, who each hold an equal share in the new entity, are private holding company Höpen GmbH and modular transport services provider Hary AG.The joint-venture has already applied for financial aid from federal programmes aiming at funding projects that promote or develop alternative fuels and clean transportation in order to fund its development stage during 2019.Further funding will be used to support orders of up to 1,000 vehicles by the end of 2021.Proton chairman Helmut Gierse said: "In 2016 alone, in excess of 0.3m trucks in the 'over 5 tonnes' weight category were produced in the EU, which were nearly all powered by diesel fuel. If even a small proportion of this market was converted to electric/fuel cell over the coming years, Clean Logistics will be able to benefit from it, and Proton's current production facility could be fully utilised."The AIM traded company said it is providing its new Generation 4 fuel cell for inclusion in the trucks but does not have any material financial commitments.Proton Power Systems' shares were unchanged at 6.35p at 0834 GMT.