Proton Mtr Pwr Regulatory News (PPS)

20 Dec 2006 08:00

Proton Power Systems PLC20 December 2006 Proton receives first commission under €2.5 million contract London, 19 December 2006 Proton Power Systems plc ("PPS"), one of the world'sleading fuel cell hybrid systems companies, today announced that the Group hasbeen commissioned to provide L-3 Communications Corporation ("L-3Communications") with a $99,000 fuel cell system to be delivered in Q1 2007. This agreement forms the first contract under a €2.5 million purchase andprocurement agreement with L-3 Communications entered into in March 2006. Underthe terms of that agreement, PPS' subsidiary Proton Motor Fuel Cell GmbH (PM) isdeveloping a fuel cell system, to be commissioned in a series of orders over thecourse of the next three years. This first fuel cell system is expected to beused in L-3 Communication's technology test center. Additionally, L-3 Communications has placed a $45,200 service and engineeringorder with PM, comprising additional documentation and hardware and training,effective immediately. Felix Heidelberg, PPS' Chief Executive Officer, said: "We are delighted to havethe received the first order under this significant contract. We have a costeffective modular solution which provides an effective and economic way tocombat climate change, and we look forward to working with L-3 Communications." Separately, PM also announced that it had been informed by its customer TecnobusSpA (Tecnobus), that for reasons internal to the company, Tecnobus is unable tocontinue work on its project involving using fuel cell systems on battery busesin Italy. However Tecnobus has confirmed that it wishes to keep open itsexisting strategic collaboration with PM. As a result, PM has agreed to repurchase for a consideration of €40,000 theunused as good as new fuel cell systems purchased by TecnoBus for €90,000. For further Information contact: Kate Hill Gavin Anderson & Company +44 207 554 1400Marie Cairney Joachim Kroemer Proton Power Systems +49 8151 26 86 422 This information is provided by RNS The company news service from the London Stock Exchange