REG - Proton Motor Power - Update on operations

Proton Motor Power SystemsAnnouncement

23/09/2024 12:45

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RNS Number : 2732F  Proton Motor Power Systems PLC  23 September 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK
VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH
LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED.  ON
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

                       23 September 2024

 

Proton Motor Power Systems plc

("Proton Motor" or the "Company")

 

Update on operations

 

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, announces an update on the Company's operations.

 

Further to the update on the Company's financing provided in its half year
report, announced on 18 September 2024, the Company regrets to announce that
it has given notice to all its employees based in the Company's Puchheim
office of its intention to terminate their employment contracts at the end of
the requisite notice period under German law and/or as envisaged by their
contracts of employment.

 

Whilst the directors of Proton Motor continue to seek alternative sources of
finance in order to allow the Company to continue to operate beyond 31
December 2024, this action has been necessary in order to allow, should this
be necessary, an orderly wind down of the Company's operations by that date.
The Company will continue to fulfil outstanding customer orders however, it
will not be entering into any new contracts until the financing and future
direction of the Company has been resolved.

 

Further updates will be provided in due course.

 

For further information:

 

 Proton Motor Power Systems Plc
 Dr Faiz Nahab, CEO
 Roman Kotlarzewski, CFO                                                         +49 (0) 173 189 0923

 Investor relations:                                                             www.protonpowersystems.com
 investor-relations@proton-motor.de (mailto:investor-relations@proton-motor.de)

 Allenby Capital Limited
 Nominated Adviser & Broker                                                      +44 (0) 20 3328 5656
 James Reeve / Vivek Bhardwaj

 Celicourt Communications
 PR Adviser
 Mark Antelme / Philip Dennis                                                    +44 (0) 20 8434 2643

 

 

About Proton Motor Fuel Cell GmbH

 

Over 25 years Proton Motor has developed proven fuel cell products and
systems.  With its established position in the multi billion-dollar
addressable fuel cell market, the company is uniquely well placed to capture
the significant and fast growing demand for 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 offers
complete fuel cell and hybrid systems from a single source - from the
development and production through the implementation of customised
solutions.  The product portfolio consists of base-fuel cell systems,
standard complete systems, as well as customised systems. The Company's
strategic focus is serving customers with a need for long duration
uninterrupted power supply, namely the Stationary, On/Off Highway Mobility
sectors as well as Marine and Rail.

 

Proton Motor Power Systems plc has been quoted on the AIM market of the London
Stock Exchange since October 2006 (code: PPS).

 

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