We are pleased to report our unaudited results for the six months ended 30 June 2016.
Proton Power has made further progress in the period with delivery of commercial contracts in proven technology, strategic co- operations and building our sales pipeline for a rapid increase in our order book. Further investment in our manufacturing capability has put us in a very strong strategic position to capitalise in the marketplace and to deliver financial performance. We have strengthened our organisation to be able to deliver complete power supply solutions.
Proton Motor is a leading manufacturer of hydrogen fuel cells and fuel cell systems for mobile, maritime and stationary applications.
Proton Power Systems plc (AIM: PPS), a Clean Tech total power solution provider, uniquely the designer, developer and producer of fuel cells and fuel cell electric hybrid systems, announces that at the Company’s Annual General Meeting held on 1 June 2016 all resolutions put to shareholders were duly passed.
At the meeting Ian Peden, Chairman of Proton Power, said: „Proton has moved into the commercialisation phase during 2016 and beyond with a very strong €2.5m order book. The key strength of Proton Power is the „blue chip“ relationships we have with the major players in the clean power solutions industry. This will form the foundation of our future revenue streams. The recent signature of a seven year framework agreement shows the confidence in Proton Power’s technology and demonstrates its capability in clean tech power solutions.
As one of the leading clean tech provider’s in Europe, Proton Motor are thrilled to have received an order for a 75kVA containerized fuel cell stationary power system for the Orkney Islands on their Surf and Turf project.
The project involves generating hydrogen from wind and tidal energy and using it as the energy storage medium. The hydrogen is then used to provide electricity for the Orkney Islands harbour. The wind and seas around the Orkney Islands provide an abundance of renewable energy resources.
Through concerted efforts, communities like Orkney Islands are now starting to see the benefits of ownership of renewable power generation capacity. This project will see the Orkney Islands take a small, but important, step towards rising to the challenge of managing the limits of its energy infrastructure. This project will help unlock the constraints imposed by 20th century power cables and is a great demonstration of how our technology can help overcome the shortcomings of the local electricity grid.
Proton will provide the 75kVA containerized fuel cell stationary power system for a total contract value of more than €0.5 million to be delivered in 2016.
Faiz Francoise Nahab Ph.D., CEO of Proton, said: “This is a very important order for us. The fuel cell system is based on our 25kVA system, which is operated in a modular mode. The container has all necessary components to be connected to the local grid. Proton is responsible for the turn key delivery of the container. We hope to see more applications in this market sector and more islands like the Orkney Islands taking a proactive role. Proton expects a fast growing demand worldwide for this type of applications. Storing wind and solar energy is a big challenge and we have the right solution to use such green energy in stationary or mobile applications.“