Proton Mtr Pwr Regulatory News (PPS)

27 Feb 2007 07:01

Proton Power Systems PLC27 February 2007 Extension to Purchase and Cooperation Agreement February 27, 2007... Proton Power Systems plc ("PPS"), through its subsidiaryProton Motor Fuel Cell GmbH ("PM"), one of the world's leading electric hybridfuel cell companies, today announced an extension to a purchase and cooperationagreement to provide fuel cell stacks to an international technology leader fortheir 1 to 5KW family of products. The original agreement was signed in December 2005 and this extension followsthe successful completion of a number of milestones and is worth approximately190k Euros. Delivery of the fuel stacks is expected to begin in April this year and willcontinue for approximately 12 months, at which point a final design will beagreed for commercial volume production. Felix Heidelberg, PPS' Chief Executive Officer, said, "The extension to thisagreement underlines how close we are to achieving the industry's long termambition of volume production of fuel cells. Proton Power is well placed to bethe first to achieve this" For further Information contact: Media: Gavin Anderson & Company +44 207 554 1400 Ken Cronin kcronin@gavinanderson.co.uk Marie Cairney mcairney@gavinanderson.co.uk Commercial: Proton Power Systems +49 8151 26 86 422 Joachim Kroemer j.kroemer@proton-motor.de Notes to Editors PPS, through its subsidiary Proton Motor Fuel Cell GmbH ("PM") has developed andproduced a standard fuel cell module, fuelled by hydrogen integrated with anenergy storage system to create a hybrid electric fuel cell system capable ofproviding power during peak demand situations. The market focus is on industrialapplications where 'back-to-base' refueling occurs, on site, at the end of eachshift or work period. The Group has identified opportunities to replace lead-acid batteries with theirPEM fuel cell systems and has identified niche markets in the materials handlingand mass-transportation sectors where hybrid electric fuel cell systems offerconsiderable advantages over conventional engine technology and fuel cell onlydrive systems. The Group has identified two initial market segments in which theDirectors believe the advantages of hybrid electric fuel cell systems will leadto economic benefits for the end user - forklift trucks and buses. In mostcases, vehicles operate within a defined radius or return to central points ofoperation. The many advantages over current commercial alternatives include lower fuelconsumption, longer periods between refueling, shorter refueling, consistentlevels of power delivery and zero harmful emissions. PM's technology development has been undertaken with the key objectives ofmultiple applications and volume production. PPS was admitted to trading on AIM on October 31, 2006. This information is provided by RNS The company news service from the London Stock Exchange