US Army Contract To Further Develop SOFC Systems
05 March 2009 - 6:00PM
UK Regulatory
TIDMPTX TIDMPTXU
RNS Number : 3431O
Protonex Technology Corporation
05 March 2009
FOR IMMEDIATE RELEASE
March 5, 2009
PROTONEX awarded program TO FURTHER develop Solid oxide
fuel cell power
systemS
DATELINE: SOUTHBOROUGH, MA; Protonex Technology Corporation (LSE: AIM: PTX and
PTXU), a leading provider of advanced fuel cell power systems announces that, as
anticipated, it has received confirmation of a $1,481,470 contract award from
the U.S. Army to adapt its solid oxide fuel cell (SOFC) power systems for
operation on alternative fuels. This program will focus on advancing 500 Watt to
1,000 Watt SOFC power systems that operate on high-performance liquid fuels,
including alternative, bio-derived fuels such as butanol and bio-diesel.
Under the terms of this 24-month contract, Protonex will further develop and
advance its existing SOFC systems operating on liquid fuels such as butanol,
bio-diesel, gasoline, and kerosene. This work will focus on fuel processing,
demonstration of high-power-density, mechanically robust stacks and optimization
of a complete generator-culminating in a demonstration of generator performance
and lifetime. At the conclusion of the program, two fuel cell systems will be
delivered to the Army for further testing and evaluation.
There is growing military and commercial interest in the use of alternative or
renewable fuels to reduce dependence on foreign oil. Solid oxide fuel cells,
with their low emissions and high efficiency, are well-suited to generate
electricity from these "green" fuel sources. Fuel-flexible generators capable of
operating on both traditional and alternative liquid fuels can provide highly
efficient electricity generation from both today's transportation fuels and the
biofuels of tomorrow.
Development of these small SOFC systems will provide the military with
lightweight, extremely quiet and fuel efficient systems that could be used in
powering equipment during field operations as an auxiliary power unit (APU),
portable generator or field battery charger. In addition to being quieter than
combustion-engine generators and lighter than batteries, these fuel cell systems
can efficiently process high-performance liquid fuels to maximize the energy of
the complete power system.
"We are pleased to have received this significant award," commented Dr. Jerry
Martin, Vice President of SOFC Development for Protonex. "Clean and quiet power
generators that operate on readily available fuels are in high demand for
military and commercial markets. This program will accelerate our SOFC product
development at Protonex and allow us to further advance our leading-edge SOFC
platforms."
- ENDS -
Enquiries
Protonex Technology CorporationTel: +1 508 490 9960
Scott Pearson, Chief Executive Officer
Margaret Dorsheimer, Director of Marketing
Redleaf Communications Limited Tel: +44 (0)20 7566 6700
Press and Investor Relationsprotonex@redleafpr.com
Samantha Robbins
Paul
Dulieu
Piper Jaffray Ltd. Tel: +44 (0)20 3142 8700
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James Steel
Notes to Editors
About Protonex Technology Corporation
www.protonex.com
Protonex Technology Corporation develops and manufactures compact, lightweight
and high- performance fuel cell systems for portable power applications in the
100 to 1000-watt range. The Company's fuel cell systems are designed to meet the
needs of military, commercial and consumer customers for off-grid applications
underserved by existing technologies by providing customizable, stand-alone
portable power solutions and systems that may be hybridized with existing power
technologies. The Company is headquartered in Southborough, Massachusetts.
This announcement includes statements which are, or may be deemed to be,
"forward-looking statements". All statements other than statements of historical
facts included in this announcement, including, without limitation, those
regarding Protonex' financial position, business strategy, plans and objectives
of management for future operations (including development plans and objectives
relating to Protonex' products and services) are forward-looking statements. By
their nature, such forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause the actual results,
performance or achievements of Protonex to be materially different from future
results, performance or achievements expressed or implied by such
forward-looking statements. These factors include but are not limited to those
described in the Admission Document issued in connection with the Company's
admission to AIM.
Forward-looking statements may and often do differ materially from actual
results. Any forward-looking statements in this announcement speak only as at
the date of this announcement and are subject to risks relating to future events
and other risks, uncertainties and assumptions relation to Protonex' operations,
results of operations, growth strategy and liquidity.
This information is provided by RNS
The company news service from the London Stock Exchange
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