Proton Power Systems (LSE:PPS)
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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
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).
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(END) Dow Jones Newswires
July 11, 2019 02:00 ET (06:00 GMT)