New Loan Facility

Proton Motor Power Systems plc

("Proton" or the "Company")

New Loan Facility

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 that it has entered into a new €12 million loan facility with Mr. Falih Nahab (the "2024 Falih Nahab Facility").

The 2024 Falih Nahab Facility has been provided on the same terms as the existing €77.5 million loan facility with Mr. Falih Nahab. The 2024 Falih Nahab Facility has an interest rate of 12 months EURIBOR + 3%.  The interest accrued on the 2024 Falih Nahab Facility can be settled once or twice yearly by way of an issue of ordinary shares of 0.5 pence each in Proton Motor Power Systems PLC ("Ordinary Shares") to Mr. Nahab with such shares being issued at the prevailing market price of an Ordinary Share at the time of issue and subject to there being no closed period at the time of issue.

The principal amount on the 2024 Falih Nahab Facility, along with any accrued interest, is repayable on 31 December 2025.

The loan facilities provided to the Company by Falih Nahab and SFN Cleantech Investment Limited ("SFN") have consistently enabled the Company to progress the development and commercialization of its hydrogen product offer, without the need to issue further equity. The 2024 Falih Nahab Facility is expected to allow the Company to satisfy its working capital needs until at least June 2025. However, it should be noted that the Company does not currently expect to generate net free cash by that time and therefore may require additional funding for its future working capital needs.

Related Party Transaction

Mr. Falih Nahab is a substantial shareholder (as defined in the AIM Rules for Companies). The entry into the 2024 Falih Nahab Facility is therefore classified as transaction with a related party for the purposes of the AIM Rules for Companies. The directors of the Company, with the exclusion of Dr. Faiz Nahab, the Company's Chief Executive, who is the brother of Mr. Falih Nahab, having consulted with the Company's nominated adviser, Allenby Capital Limited, consider that the entry into the 2024 Falih Nahab Facility is fair and reasonable insofar as the Company's shareholders are concerned.

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About Proton Motor Fuel Cell GmbH

Proton Motor has 25 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 develops and produces standard Products as well as customised solutions.  The focus of Proton Motor is on stationary solutions, as well as mobile, marine and rail applications.  The product portfolio consists of base-fuel cell systems, standard complete, as well as customised systems.

Proton Motor Fuel Cell GmbH is a wholly owned subsidiary of Proton Motor Power Systems plc. The Company has been quoted on the AIM market of the London Stock Exchange since October 2006 (code: PPS).