Proton Motor Power flags 'promising start' to 2022

Fuel cell and electric hybrid technology company Proton Motor Power said in a trading update on Monday that its received orders in 2021 totalled €3.2m (£2.68m) and, subject to audit, it achieved revenue of €3.2m for the year, up from €2.1m year-on-year.

The AIM-traded firm said the positive momentum from 2021 had led to a “promising start” to 2022.

Since 1 January, it said it had already booked orders worth €1.3m from five customers, consisting of repeat orders from two existing customers and three new customer orders.

Orders were for the stationary and mobility segments, including large trucks.

“Demand for larger graphite high power industrial generators is rapidly increasing to reduce the effects of global warming,” said chief executive officer Faiz Nahab.

“We are developing hydrogen fuel cell generators specifically for use in power grid peak shaving applications in industrial zones and fuelling stations on motorways to charge up electrical vehicles without loading the national power grid.

“As Covid-19 pandemic clouds begin to clear, 2022 is beginning to show more promise for the fuel cell industry and we look forward with confidence to a successful 2022,” Dr Nahab added.

At 1113 GMT, shares in Proton Motor Power Systems were down 3.12% at 15.5p.