REG - Proton Motor Power - Selection for EU Innovation Fund Process

Proton Motor Power SystemsAnnouncement

24/10/2024 13:15

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RNS Number : 5101J  Proton Motor Power Systems PLC  24 October 2024

24 October 2024

 

Proton Motor Power Systems plc

("Proton Motor" or the "Company")

 

Selection for EU Commission Innovation Fund Process

 

Proton Motor Power Systems plc (AIM: PPS), the designer, developer and
producer of fuel cells and fuel cell electric hybrid systems with a
zero-carbon footprint, notes the press release published by the European Union
Commission (the "EU Commission") announcing that it has selected 85 innovative
net-zero projects to receive grants from the Innovation Fund (the "Innovation
Fund Grant"), which includes a proposed Proton Motor Fuel Cell GmbH project.

 

The Company made a grant application to the EU Commission in April 2024 in
relation to a Proton smart factory involving an automated series production of
unique Proton Motor fuel cell stacks and systems for stationary and mobile
applications. As noted by the EU Commission, the Company will be invited to
enter into a grant preparation process in relation to an Innovation Fund
Grant, which would involve signing an Innovation Fund Grant agreement with the
European Climate, Infrastructure and Environment Executive Agency in the first
Quarter of 2025.

 

On 22 August 2024 as well as 23 September 2024 it was announced by the Company
that Proton Motor is in discussions with other potential sources of finance in
order to allow the Company to continue to operate beyond 31 December 2024.
Given the aforementioned material changes to the Company's business since the
original submission of the grant application in April 2024, the Company will
be required to clarify its continued eligibility in relation to the Innovation
Fund Grant. Accordingly, there can be no certainty that Proton Motor Fuel Cell
GmbH will receive an Innovation Fund Grant, nor as to the timings, terms or
quantum of any such grant award.

 

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 /

 Charlie Denley-Myerson

 

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 heavy-duty, 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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