RCS - Proton Motor Power - Follow-Up Order from GKN Hydrogen and Grant Award

Proton Motor Power SystemsAnnouncement

27/11/2023 07:00

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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
                                                      (mailto: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).

 

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