Proton Power wins follow-up framework from German blue chip

Proton Power Systems, the fuel cells and electric hybrid systems specialist, has signed a seven-year, €15m framework agreement with a major customer in Germany.

The 'blue chip' client has contracted Proton to supply fuel cell emergency power units for the region of Bavaria, building from a €1.8m order last month.

Akin to the first contract, the AIM-listed company will supply units with power ranges of between 6-8 kilovolt-amps (kVA) and the units will be contained in outdoor cabinets which include hydrogen storage, fuel cells, uninterruptible power supply and auxiliary components.

The entire unit uses different forms of clean hydrogen fuel cell technology and offers very long backup time, even for customers with high power rating requirements.

Chief executive Faiz Nahab said the framework agreement would add the company's ongoing revenue streams and was more evidence of the commercialisation of Proton's core technology and investment in manufacturing capability.

"This is the proof that the fuel cell technology is commercially attractive to customers resulting in projects which will provide years of revenues for Proton.

"This order demonstrates our expertise in providing complete solutions with a fuel cell as part of a UPS system with a very long backup time."

Shares in Proton Power were up 15% to 4.3p by 0825 BST on Tuesday.