REG - Proton Motor Power - Full Year Trading Update

Proton Motor Power SystemsAnnouncement

27/02/2024 07:00

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RNS Number : 5187E  Proton Motor Power Systems PLC  27 February 2024

27 February 2024

 

Proton Motor Power Systems plc

("Proton Motor" or the "Company")

 

Full Year Trading Update

 

Proton Motor Power Systems plc (AIM: PPS), the designer and producer of
hydrogen fuel cells and hydrogen fuel cell electric hybrid systems with a
zero-carbon footprint, is pleased to provide an update on trading for the year
ended 31 December 2023 ("FY 2023").

 

Highlights

 

Financial

 

·      FY 2023 revenue of £2.1m (FY 2022: £2.1m)

 

·      40% increase in the value of system sales to £2.0m (2022 system
sales: £1.4m)

 

·      Total order intake of £2.5m (2022: £2.7m)

 

·      In total, 42 fuel cell systems were delivered during the period
(2022: 23 systems)

 

·      Total order book at the period end of £2.5m (31 December 2022:
£2.7m)

 

Operational

 

·    An opening ceremony of the new production facility for the press and
other relevant media was held in August 2023

 

·      New HyModule® S4 fuel cell system solution introduced in
response to sustained interest in hydrogen technology

 

Trading update

 

Subject to completion of the audit, the Company expects to report revenue for
FY 2023 of £2.1m (FY 2022: £2.1m).  Whilst total revenues were in line with
the prior year, the Company increased its system sales by c. 40% to £2.0m
(2022 system sales: £1.4m). In megawatt terms, this equated to total system
sales of 0.7MW (2022: 0.5MW). In total, 42 fuel cell systems of differing
configurations were delivered to customers during the period (2022: 23
systems). Service and engineering revenue for the year was £0.1m (2022:
£0.7m).

 

Total order intake for the period was £2.5m (FY 2022: £2.7m). This included:

 

·      a repeat order from DB Bahnbau Gruppe for a fuel cell system
based on the Company's standard HyModule® S8 to support critical rail
infrastructure;

 

·      a standalone fuel cell system based on an 87 kVA container
solution HyShelter® 87 for Redexis, as part of Spain's Green Hysland project;
and

 

·      a new order from the University of Stuttgart for a containerised
fuel cell power plant HyShelter® 215 with a power output of up to 215 kVA.

 

Repeat orders from existing customers represented 37.7% of the total order
intake value in 2023, with 62.3% coming from new customers. The overall sales
and order intake in 2023 reflected the Company's continued focus on the
"stationary" market, where nearer-term adoption is expected.

 

The Company held an opening ceremony for the new production facility for the
press and other relevant media in August 2023. The Company is planning to
commence production in its new facility by early 2025 in readiness for the
anticipated increase in demand for fuel cells. The installation of a hydrogen
storage tower at the new production facility will commence on completion of
regulatory approval.

The current focus of the sales team is primarily on segments in the stationary
market, where critical mass demand is being identified. On a secondary level
the Company is offering customised systems, based on its validated fuel cell
system kit, to customers in the maritime, heavy-duty and rail markets either
with follow up orders or where higher volumes are expected. The main reason
for this is that stationary applications are regarded as being the primary
initial market for widespread adoption. Application areas for the stationary
market include:

 

·      the emergency power segment requiring hydrogen infrastructure and
emission free power with a long back up time;

 

·      off-grid power supplies due to lack of mains power
infrastructure; and

 

·      energy storage and local combined heat and power usage for the
renewable energy sector, which is only possible with hydrogen fuel cells.

 

At the start of 2024, the Company introduced its new HyModule® S4 fuel cell
system solution in response to sustained interest in hydrogen technology. The
system was first presented at HyVolution Paris.

 

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

 

"As we increase our focus on strengthening Proton Motor's position to take
advantage of the expected increase in demand for hydrogen technology, we are
pleased that activity during the period continued to develop the pipeline of
opportunities for our hydrogen fuel cell systems with both new and existing
customers. Over the period, we delivered significant orders as part of
innovative projects which showcase the important role of hydrogen in the
energy transition. As ever, we remain committed to ensuring that the Company
is well positioned to meet growing demand, supported by the new production
facility and investment in strengthening our sales team. Proton Motor is
consistently progressing the commercialisation of its products, and we look
forward to strengthening the Company's recognition as a leader of hydrogen
fuel cell technology throughout 2024."

 

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).

 

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