LONDON (Alliance News) - Proton Power Systems PLC Wednesday reported a wider loss and lower revenues for the first half of the year, but said it is confident about the future as it expects wider use of fuel cell engines by bus operators amid tightening emissions regulations.
The developer of fuel cells and fuel cell electric hybrid systems reported a net loss of GBP3 million for the six months to end-June, compared with a GBP1.9 million loss a year earlier, as revenues dropped to GBP543,000, from GBP562,000.
"The group's continuing discussions with major (manufacturer) partners have highlighted that there is now a realistic opportunity for the breakthrough of fuel cell technology into the commercial domain," it said in a statement. "The bus market is looking for emission free solutions for inner-city transport. Megacities require emission free transport to improve air quality."
Proton Power shares were up 2.9% at 3.345 pence Wednesday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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Proton Mtr Pwr (PPS)