Last checked at 23 Jul 2008 10:32
| Press release | 23 July 2008 |
Proton Power Systems plc
("Proton" or "the Group")
Result of Annual General Meeting
Directorate Changes
The Board of Proton is pleased to announce that at its annual general meeting held at 11 a.m. yesterday all resolutions put to shareholders were duly passed.
The Board of Proton also announces that Felix Heidelberg, Chief Executive Officer of the Company, has stepped down from the Group Board with immediate effect. Felix will continue to work in the role of Chief Technical Officer for the Group's subsidiary, Proton Motor Fuel Cell GmbH ("PMFC" or "the Company"), where he will focus primarily on the development of the Company's technology strategy and the design and evolution of its hybrid fuel cell systems.
The Group is currently in advanced discussions with a new Chief Executive Officer with strong global expertise in the motive power sector. A further announcement is expected to be made shortly following completion of such discussions and the required due diligence.
In addition, the Board of Proton announces that Ali Naini, currently a Non-Executive Director, has assumed the role of Deputy Chairman of the Company with immediate effect.
- ENDS -
For further information:
| Proton Power Systems plc | |
| John Wall, Chairman | Tel: +44 (0) 78 0291 7615 |
| Ali Naini, Deputy Chairman | Tel: +44 (0) 20 7329 1750 |
| www.protonpowersystems.com |
| Noble & Company Limited | |
| Graeme Bayley / Nick Athanas | Tel: +44 (0) 20 7763 2200 |
| www.noblegp.com |
Media enquiries:
| Abchurch Communications Limited | |
| Monique Tsang / Stephanie Cuthbert | Tel: +44 (0) 20 7398 7700 |
| monique.tsang@abchurch-group.com | www.abchurch-group.com |
Notes to Editors
Proton Power Systems plc is a developer of fuel cells and fuel cell hybrid systems for motive and back-up power supply. Proton Power has more than 14 years of experience in the fuel cell market. Through its wholly owned subsidiary, Proton Motor Fuel Cell GmbH, the Company has developed and produced a fuel cell module running on hydrogen and integrated this with an energy storage system to create a hybrid electric fuel cell system. The system harnesses the excess power generated by the fuel cell during partial load (such as stop-start operations) and uses the stored energy in peak demand times. The system thus boasts lower fuel consumption and more consistent levels of power delivery than conventional combustion engine or fuel cell-only systems, in addition to producing zero harmful emissions.
Proton Power's market focus lies in industrial applications where 'back-to-base' refuelling occurs at the end of each shift or work period, such as in the materials handling and mass transportation sectors. In these markets, the commercialisation of applications is possible at a very early stage, as they do not depend on the existence of a ubiquitous hydrogen infrastructure. Through partnerships with leading OEMs such as Skoda Electric and Karmann, Proton Power's technology is already deployed in city buses and forklift trucks.
Proton Power also targets the upcoming market for marine transportation applications and provides the hybrid fuel cell propulsion system for Europe's first fuel-cell powered passenger / river boat ferry, which will be operating in Hamburg from 2008.
Proton Power Systems plc was admitted to trading on AIM on 31 October 2006 and is incorporated in the UK. Its operating subsidiary, Proton Motor Fuel Cell GmbH, is located in Puchheim, near Munich, Germany.