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Proton Power Systems
- BY: Andrew Hore |
- POSTED: 10/06/2010 |
Fuel cell systems developer Proton Power Systems has received grant funding which could be worth up to €2.6m.
The grant funding is for projects worth a total of €9.2m. These projects are part of the agreement with Smiths Electric Vehicles. The plan is to supply an initial 20 light-duty vehicles.
The National Innovation Programme in Germany will finance 48% of Proton’s R&D spending on the projects up to €5.4m. The NIP will also supply grants for up to 48% of the cost of purchasing electric vehicles up to €3.8m.
A new bank facility will provide advances against the grant income up to a maximum of €2m.
Proton’s loss increased from £2.8m to £4.89m in 2009. Revenues fell from £1.09m to £193,000 because of project delays.
At 4.375p a share, up 0.625p on the day, Proton is valued at £6.87m.
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