Proton Power Systems PLC Joint venture (2567K)

TIDMPPS

RNS Number : 2567K

Proton Power Systems PLC

27 August 2019

Proton Power Systems plc

("Proton" or the "Company")

Joint venture

Proton 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 that it has entered into a joint venture agreement with Schäfer Elektronik GmbH ("Schäfer Elektronik") whereby the two companies will integrate Proton's larger industrial fuel cells with Schäfer's power electronics, battery and a hydrogen storage systems in one integrated plug and play power unit. This unit will provide in excess of 1 MW of power to supply electric vehicle charging stations and will be available either as standalone unit or as grid connected unit, which would also be able to support the local grid if required.

The Board expects support across Europe and the UK for the electric car industry to rapidly increase by 2021 leading to demand for electric vehicle charging stations. In order to achieve a zero carbon footprint and to avoid national grid overload, these charging stations are highly likely to be powered by hydrogen fuel cells in order to supply the required electric load without undue stress on the electrical grid.

Mr Schäfer, CEO of Schäfer Elektronik, commented: "We are delighted to contribute to saving our planet from some of the effects of global warming; our technology will always endeavour to improve the world to live in."

For further information:

 
 Proton Power Systems plc 
 Dr Faiz Nahab, CEO 
  Helmut Gierse, Chairman 
  Sebastian Goldner, COO/CTO 
  Roman Kotlarzewski, CFO                Tel: [phone] 
  Manfred Limbrunner, Director Sales     0923 
  and Marketing                          www.protonpowersystems.com 
 
 Shore Capital 
  Nominated adviser and broker 
 Antonio Bossi / David Coaten          Tel: [phone] 
                                        4050 
                                        www.shorecap.co.uk 
 

About Proton Motor Fuel Cell GmbH

Proton Motor has more than 20 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 offers complete fuel cell and hybrid systems from a single source - from the development and production through the implementation of customized solutions. The focus of Proton Motor is on back-to-base, for example, for mobile, marine and stationary solutions applications. The product portfolio consists of base-fuel cell systems, standard complete systems, as well as customized systems.

Proton Motor serves IT, Telecoms, public infrastructure and healthcare customers in Germany, Europe and Middle East with power supply solutions for DC and AC power demand. In addition to power supply, Proton Motor also offers solutions for Solar Systems as well as Solar Energy Storage.

Proton Motor Fuel Cells GmbH is wholly owned subsidiary of Proton Power Systems plc. The Company has been quoted on the AIM market of the London Stock Exchange since October 2006 (code: PPS).

About Schäfer Elektronik GmbH

Schäfer Elektronik is a manufacturer with almost 50 years' experience in design and production of Power Supply Systems for industrial applications, with particular focus on oil and gas, defence, industrial automation, power generation, rail and automotive segments.

With its headquarters in South-Germany, a production facility in Ireland and sales offices in USA and UAE as well as numerous representatives, Schäfer Elektronik possesses a comprehensive worldwide sales network.

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August 27, 2019 05:01 ET (09:01 GMT)