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Pin to quick picksProton Mtr Pwr Regulatory News (PPS)

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Follow-Up Order from GKN Hydrogen and Grant Award

27 Nov 2023 07:00

RNS Number : 4623U
Proton Motor Power Systems PLC
27 November 2023
 

Reach announcement - non-regulatory

 

27 November 2023

 

Proton Motor Power Systems plc

("Proton Motor" or the "Company")

 

Successful Completion of Follow-Up Order from GKN Hydrogen and Award of New Grant from German Ministry

 

Proton Motor Power Systems plc (AIM: PPS), the designer and producer of hydrogen fuel cells and hydrogen fuel cell electric hybrid systems, is pleased to announce that it has successfully delivered 15 HyModule® S8 hydrogen fuel cell system to its long-term customer, GKN Hydrogen Italy S.r.l ("GKN Hydrogen"), as per the follow-up order from GKN Hydrogen announced on 31 January 2023.

 

The HyModule® S8 system is an emission-free high-tech product for stationary applications and is designed for the autonomous provision of energy and heat. Following the completion of this follow-up order, Proton Motor has successfully delivered a total of 46 HyModule® S8 hydrogen fuel cell systems to GKN Hydrogen, confirming the established trust between the parties.

 

GKN Hydrogen is integrating the HyModule® S8 system into their "HY2" branded green energy storage systems. GKN Hydrogen is deploying the green sustainable power plant "HY2" based on renewable resources in its own facilities and with its customers in the residential, industrial and transportation sectors. Applications of the "HY2" metal hydride storage solution include IT back-up systems, off-grid power generation and plug-in electric car charging station. Further information on GKN's HY2 energy systems can be found at https://www.gknhydrogen.com. GKN Hydrogen is part of GKN, the Aerospace, Automotive and Powder Metallurgy international business controlled by Melrose Industries plc.

 

Award of New Grant from German Ministry

 

In addition, the Company is pleased to announce that it has been approved for a grant provided by the German Ministry for Economics and Climate (BMWK). Proton Motor has been selected as part of a consortium of partners, including GKN Hydrogen, to develop a "modular, renewable and self-sufficient energy supply using hydrogen technology." This grant will strengthen the Company's ability to produce innovative hydrogen technology solutions, whilst working with and building upon relationships with recognised industry players. The grant will be received by the Company across a period of 36 months and the quantum receivable will match the Company's investments in the project by 50%. The size of the grant is therefore not known at this stage, however, the Company estimates that it will be eligible to receive up to approximately ?300,000 over the 36 month period.

 

Dr. Faiz Nahab, CEO of Proton Motor, said:

 

"The successful completion of this follow-on order from GKN Hydrogen, one of our repeat customers,

reaffirms that the Company is rapidly progressing the commercialisation of our hydrogen fuel cell technology, and our recognition as a leader in this industry. We are pleased to continue to support GKN Hydrogen as it showcases hydrogen as an effective means of storing energy from renewable resources.

 

"Further, this new grant from the German Ministry for Economics and Climate will allow us to make greater progress in designing and manufacturing innovative solutions for the hydrogen future. The grant also confirms an increased drive to develop hydrogen technology, which continues to have a fundamental role in the energy transition."

 

For further information:

 

Proton Motor Power Systems Plc

 

Dr Faiz Nahab, CEO

Roman Kotlarzewski, CFO

+49 (0) 173 189 0923

www.protonpowersystems.com

Allenby Capital Limited

 

Nominated Adviser & Broker

+44 (0) 20 3328 5656

James Reeve / Vivek Bhardwaj

 

Celicourt Communications

 

PR Adviser

+44 (0) 20 7770 6424 / protonmotor@celicourt.uk

Mark Antelme / Philip Dennis

 

 

About Proton Motor

 

Proton Motor has 25 years of experience in Power Solutions using CleanTech technologies such as hydrogen fuel cells, fuel cell and hybrid systems with a zero carbon footprint. Based in Puchheim near Munich, Proton Motor develops and produces standard Products as well as customised solutions. The focus of Proton Motor is on stationary solutions, as well as mobile, marine and rail applications. The product portfolio consists of base-fuel cell systems, standard complete, as well as customised systems.

Proton Motor Fuel Cell GmbH is a wholly owned subsidiary of Proton Motor Power Systems plc. The Company has been quoted on the AIM market of the London Stock Exchange since October 2006 (code: PPS).

 

About Reach announcements

 

This is a Reach announcement. Reach is an investor communication service aimed at assisting listed and unlisted (including AIM quoted) companies to distribute media only / non-regulatory news releases into the public domain. Information required to be notified under the AIM Rules for Companies, Market Abuse Regulation or other regulation would be disseminated as an RNS regulatory announcement and not on Reach.

 

 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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Date   Source Headline
23rd Apr 20246:07 pmRNSDirector dealing
28th Mar 20245:00 pmRNSTotal Voting Rights
26th Mar 20247:00 amRNSDirector dealing
20th Mar 202410:21 amRNSDirector dealing
8th Mar 20247:00 amRNSIssue of Equity and Total Voting Rights
5th Mar 20244:21 pmRNSIssue of Equity
27th Feb 20247:00 amRNSFull Year Trading Update
10th Jan 20247:00 amRNSIntroduction of new hydrogen fuel cell system
28th Nov 20237:00 amRNSIssue of Equity
27th Nov 20237:00 amRNSFollow-Up Order from GKN Hydrogen and Grant Award
14th Sep 20237:00 amRNSHalf-year Report
11th Sep 20237:00 amRNSChange to Director Roles and Responsibilities
4th Sep 20237:00 amRNSOfficial presentation of new production facility
17th Aug 20237:00 amRNSNotice of Investor Event
25th Jul 20237:00 amRNSNew Order for a Standalone Fuel Cell System
13th Jul 20237:00 amRNSRepeat order from DB Bahnbau Gruppe
30th Jun 20232:48 pmRNSResult of AGM
20th Jun 20237:00 amRNSFinal Results
20th Jun 20237:00 amRNSVariation to Loan Agreement
16th Jun 20239:33 amRNSInvestor Webinar
2nd Jun 20237:00 amRNSNew order from University of Stuttgart
31st May 20237:00 amRNSAppointment of Non-Executive Director
5th May 20237:00 amRNSNew order from Shell Renewables & Energy Solutions
23rd Feb 20237:00 amRNSChange of Registered Office
21st Feb 20237:00 amRNSCustomer system integration and MoU
9th Feb 20237:00 amRNSDirector dealings and employee share scheme grants
31st Jan 20232:40 pmRNSFollow-up order from GKN Hydrogen
27th Jan 20234:07 pmRNSDirector dealing
26th Jan 20237:00 amRNSNew order from UMSTRO GmbH
30th Dec 20221:00 pmRNSTotal Voting Rights
21st Dec 20225:25 pmRNSDirector dealings & Key Person Stock award scheme
24th Oct 20227:00 amRNSNew production facility
29th Sep 20227:00 amRNSDepartment changes & leadership appointments
28th Sep 20227:00 amRNSHalf-year Report
6th Sep 20227:00 amRNSSystem deliveries
22nd Aug 20227:00 amRNSLaunch of large power generation pack
29th Jul 20225:00 pmRNSTotal Voting Rights
22nd Jul 20225:57 pmRNSDirector dealing
15th Jul 20224:38 pmRNSKey person stock award scheme
8th Jul 20223:48 pmRNSDirector dealings & Key Person Stock award scheme
29th Jun 20224:56 pmRNSResult of AGM
13th Jun 20227:00 amRNSFinal Results
13th Jun 20227:00 amRNSLoan Extensions
31st May 20227:00 amRNSChange of Registered Office
11th Mar 20222:31 pmRNSDirector/PDMR Shareholding
9th Mar 20224:36 pmRNSPrice Monitoring Extension
7th Mar 20227:00 amRNSDirector dealings and employee share scheme grants
14th Feb 20227:00 amRNSPost year end trading update
10th Feb 20222:32 pmRNSHolding(s) in Company
30th Dec 20214:40 pmRNSSecond Price Monitoring Extn

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