THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014
WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL)
ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA
A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
23 September
2024
Proton Motor Power Systems
plc
("Proton Motor" or the
"Company")
Update on
operations
Proton Motor 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 an update on the Company's operations.
Further to the update on the
Company's financing provided in its half year report, announced on
18 September 2024, the Company regrets to announce that it has
given notice to all its employees based in the Company's Puchheim
office of its intention to terminate their employment contracts at
the end of the requisite notice period under German law and/or as
envisaged by their contracts of employment.
Whilst the directors of Proton Motor
continue to seek alternative sources of finance in order to allow
the Company to continue to operate beyond 31 December 2024, this
action has been necessary in order to allow, should this be
necessary, an orderly wind down of the Company's operations by that
date. The Company will continue to fulfil outstanding customer
orders however, it will not be entering into any new contracts
until the financing and future direction of the Company has been
resolved.
Further updates will be provided in
due course.
For further
information:
|
Proton Motor
Power Systems
Plc
|
|
|
Dr Faiz Nahab,
CEO
|
|
|
Roman Kotlarzewski, CFO
|
+49 (0) 173 189 0923
|
|
|
|
|
Investor relations:
|
www.protonpowersystems.com
|
|
investor-relations@proton-motor.de
|
|
|
|
|
|
Allenby
Capital
Limited
|
|
|
Nominated Adviser & Broker
|
+44 (0) 20 3328 5656
|
|
James Reeve / Vivek Bhardwaj
|
|
|
|
|
|
Celicourt
Communications
|
|
|
PR Adviser
|
|
|
Mark Antelme / Philip
Dennis
|
+44 (0) 20 8434 2643
|
About Proton
Motor Fuel Cell GmbH
Over 25 years Proton Motor has developed proven
fuel cell products and systems. With its established position
in the multi billion-dollar addressable fuel cell market, the
company is uniquely well placed to capture the significant and fast
growing demand for 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
customised solutions. The product portfolio consists of
base-fuel cell systems, standard complete systems, as well as
customised systems. The Company's strategic focus is serving
customers with a need for long duration uninterrupted power supply,
namely the Stationary, On/Off Highway Mobility sectors as well as
Marine and Rail.
Proton Motor Power Systems plc has
been quoted on the AIM market of the London Stock Exchange since
October 2006 (code: PPS).