Last checked at 
(Sharecast News) - Hydrogen fuel cell and electric hybrid technology company Proton Motor Power has signed a memorandum of understanding with Electra Commercial Vehicles, it announced on Tuesday, to develop a zero-emission fuel cell truck market in the UK and Ireland.
The AIM-traded firm said Electra was founded in 2017 by Sid Sadique to develop, test and manufacture all-electric trucks.
It described it as the "leading producer" of zero emission trucks in the UK, with a production capacity for more than 200 vehicles per annum.
Electra supplies all-electric trucks to a number of councils throughout the UK and Ireland, as well as fleet operators.
In order to provide its electric trucks with enhanced range and duty cycles, Electra was looking to incorporate a fuel cell range-extender power pack into its vehicles.
Demand for zero-emission trucks in the UK was said to be "rapidly" increasing, as local councils and large fleet operators planned to meet carbon emission reduction targets.
To meet that demand, Electra was planning to expand its production capacity over the next 12 months.
Under the memorandum of understanding, Electra would act as system integrator to integrate Proton's fuel-cell systems into its existing electric truck portfolio.
Proton would provide engineering support and training to Electra during the development and qualification of the fuel cell trucks.
Both parties would jointly develop a prototype vehicle for serial testing and type approval, which would allow Electra to make an "unrestricted" number of fuel cell powered trucks.
Additionally, Electra would place an initial order for Proton fuel cell systems to be incorporated into five of its trucks.
Both parties also agreed to carry out sales and marketing activities jointly in the UK.
"We are delighted to have signed this memorandum of understanding with Electra, which is the leading manufacturer of all-electric trucks in the UK," said Proton chief executive officer Faiz Nahab.
"This will have the potential to further expand Proton Motor's extended reach within the mobility sector and secure a leading position in the UK market."
At 0828 BST, shares in Proton Motor Power Systems were flat at 55p.
27 Feb 2024 12:19
IN BRIEF: Proton Motor keeps revenue stable as sales value rises
Proton Motor Power Systems PLC - London-based designer and producer of hydrogen fuel cells and hydrogen fuel cell electric hybrid systems - Says its 2023 revenue remains unchanged at GBP2.1 million. Notes a 43% increase in the value of systems sales to GBP2.0 million, from GBP1.4 million in 2022. Adds that its total order intake for 2023 was GBP2.5 million, down 7.4% from GBP2.7 million the previous year.
Read more