LONDON (Alliance News) - Fuel cells producer Proton Power Systems PLC on Tuesday said it has signed a seven-year framework agreement with an unnamed German company for fuel cell emergency power units.
The deal is worth a total of EUR15.0 milllion and will cover a number of systems due to be delivered over the seven-year period. The agreement currently only covers the Bavaria region of Germany, Proton said.
"This framework agreement is another milestone that will provide year on year revenue streams as commercialisation of our core technology is now realised," said Faiz Francoise Nahab, Proton's chief executive.
Proton shares were up 13% on the news to 4.25 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Proton Mtr Pwr (PPS)