Proton Motor Power Systems PLC Memorandum of Understanding (6052C)
22 June 2021 - 4:00PM
UK Regulatory
TIDMPPS
RNS Number : 6052C
Proton Motor Power Systems PLC
22 June 2021
22nd June 2021
Proton Motor Power Systems plc
("Proton Motor" or the "Company")
Memorandum of Understanding
Proton Motor Power Systems plc (AIM: PPS), Europe's leading
designer, developer and producer of hydrogen fuel cells and
electric hybrid systems with a zero-carbon footprint, announces
that it has signed a Memorandum of Understanding ("MoU") with
Electra Commercial Vehicles Limited ("Electra") to develop the zero
emission fuel cell truck market in the UK and Ireland.
Electra was founded in 2017 by Sid Sadique to develop, test and
manufacture all electric trucks. It is the leading producer of zero
emission trucks in the UK and has a production capacity for over
200 vehicles per annum. Electra supplies all electric trucks to a
number of councils throughout the UK and Ireland as well as fleet
operators. In order to provide its electric trucks with enhanced
range and duty cycles, Electra wishes to incorporate a fuel cell
range extender power pack into its vehicles. Demand for zero
emission trucks in the UK is rapidly increasing, as local councils
and large fleet operators plan to meet their carbon emission
reduction targets. To meet this demand, Electra is planning to
expand its production capacity in the next 12 months.
Under the MoU, Electra will act as system integrator to
integrate Proton Motor's fuel cell systems into its existing
electric truck portfolio. Proton Motor will provide engineering
support and training to Electra during the development and
qualification of their fuel cell trucks. Both parties will jointly
develop a prototype vehicle for serial testing and type approval,
which will allow Electra to make an unrestricted number of fuel
cell powered trucks. Additionally, Electra will place an initial
order for Proton Motor fuel cell systems to be incorporated into
five of its trucks. Both parties have also agreed to carry out
sales and marketing activities jointly in the UK.
Dr. Nahab, CEO of Proton Motor, commented : "We are delighted to
have signed this Memorandum of Understanding with Electra, which is
the leading manufacturer of all electric trucks in the UK. This
will have the potential to further expand Proton Motor's extended
reach within the mobility sector and secure a leading position in
the UK market."
Sid Sadique, Chairman of Electra Commercial Vehicles Ltd,
commented: "We have been assessing fuel cell systems from a number
of suppliers and are very pleased to have signed the Memorandum of
Understanding with Proton Motor. The system and engineering support
from Proton will allow Electra to expedite the development of its
new range of fuel cell - battery electric trucks that will help
meet the increasing demand for zero emission trucks in the UK."
For further information:
Proton Motor Power Systems plc
Dr Faiz Nahab, CEO
Helmut Gierse, Chairman
Brendan Bilton, Investor and Business Tel.: +44 (0) 7866 122678
Relations
Sebastian Goldner, COO/CTO Tel: +49 (0) 173 189
Roman Kotlarzewski, CFO 0923
Manfred Limbrunner, Director Sales
and Marketing www.protonpowersystems.com
investor-relations@proton-motor.de
Shore Capital
Nominated adviser and broker
Tom Griffiths / David Coaten Tel: +44 (0) 20 7408
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, stationary and rail 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, SPower also offers solutions for Solar Systems as well as a
new product line for Solar Energy Storage.
Proton Motor Fuel Cell GmbH is a wholly owned subsidiary of
Proton Motor Power Systems plc. The Company has been quoted on the
AIM market of the London Stock Exchange since October 2006 (code:
PPS).
About Electra Commercial Vehicles Limited
Electra is a UK company whose vision is to provide the
commercial vehicle operator with the clean, zero emission solution
for city centre deliveries. Electra is making city centre delivery
a 100% clean and silent operation, allowing minimal impact of
vehicles in our environment which is essential to keep our cities
running 24 hours a day.
Electra is bringing world class technology to the world of
commercial vehicles, converting low entry chassis from Mercedes,
Dennis Eagle to 100% electric. Electra's technical capability
extends to other chassis makes from leading suppliers like DAF,
Isuzu, Iveco, MAN and many others.
Electra's website can be found here:
https://www.electracommercialvehicles.com/
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