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Proton Power Systems

  • BY: Andrew Hore |
  • POSTED: 01/10/2009 |

Fuel cell products developer Proton Power Systems is on course to start significant production next spring.

The company’s manufacturing partner is already assembling fuel cell stacks and is gearing up for full scale production. The plan is for Proton to become a supplier of a fuel cell-based power pack that has a number of different uses rather than a large number of different products.

Proton has signed an agreement giving Michigan-based engines and transmissions supplier L-3 Communications exclusivity over its fuel cell systems in propulsion systems, marine and universal power supply applications in the North American market. L-3 can also sell the products internationally. The military is a key market for L-3.

Revenues fell from £455,000 to £289,000 in the six months to June 2009. The loss increased from £1.29m to £2.05m. Proton still has cash and available bank facilities but it will need to start generating significant revenues early next year or more cash will be needed. 

Interest is being shown in Proton’s technology by light duty vehicle manufacturers. 

Management has been strengthened.

At 6.25p a share, Proton is valued at £6.69m. 

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