Proton Power Systems PLC Financing (1577F)
11 Julio 2019 - 1:00AM
UK Regulatory
TIDMPPS
RNS Number : 1577F
Proton Power Systems PLC
11 July 2019
Proton Power Systems plc
("Proton" or the "Company")
Financing for Project ebe 15 Buses
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 a European commercial bank
has agreed to provide c.EUR1.3 million financing for the order from
ebe EUROPA of Memmingen, Germany for 15 hydrogen powered fuel
cells, which was announced on 4 April 2019. The ultimate customers
will be the city councils of Frankfurt am Main, Mainz, Muenster and
Wiesbaden, the contract has a total value of EUR4.1m including
maintenance. This facility will be backed by collateral covering
interest and capital from Dr Faiz Nahab, who is the CEO of Proton
and is indirectly interested in the share capital of the Company
through SFN Cleantech Investment Ltd which is the majority
shareholder of Proton. The collateral being provided by Dr Nahab is
cost free to Proton.
Related Party Transaction
Dr Faiz Nahab is a related party to the Company; the provision
of a loan facility which Mr Nahab guarantees is therefore
classified as a transaction with a related party for the purposes
of the AIM Rules. Therefore in accordance with the AIM Rules, the
directors of the Company, with the exclusion of Dr Nahab, having
consulted with the Company's nominated adviser, Stockdale
Securities Limited, consider that the terms of the loan facility
including the guarantee being provided by Dr Nahab are fair and
reasonable insofar as the Company's shareholders are concerned.
For further information:
Proton Power Systems plc
Dr Faiz Nahab, CEO
Helmut Gierse, Chairman
Sebastian Goldner, COO/CTO
Roman Kotlarzewski, CFO Tel: +49 (0) 173 189
Manfred Limbrunner, Director Sales 0923
and Marketing www.protonpowersystems.com
Stockdale Securities Limited
Nominated adviser and broker
Antonio Bossi / David Coaten Tel: +44 (0) 20 7601
6100
www.stockdalesecurities.com
About Proton Motor Fuel Cell GmbH
Proton Motor is an expert with 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, SPower also offers solutions for Solar Systems as well as a
new product line for Solar Energy Storage.
Proton Motor Fuel Cells GmbH is wholly owned subsidiary of
Proton Power Systems plc. The Company has been listed on the London
Stock Exchange since October 2006 (code: PPS).
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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