Proton Motor Power order intake improves sixfold in 2020

The AIM-traded hydrogen fuel cell and hybrid system developer said in its trading update that its order backlog value in production at the end of the year was £6.4m under contract, compared to £0.9m at the end of 2019.

Sales, meanwhile, rose 138% year-on-year to £1.9m, with the board saying that its EBIT losses were in line with management expectations.

“During 2020 Proton received orders from, among others, E-Trucks Europe for refuse collection trucks, from Vonovia SE and Shell New Energies for stationary systems, from Fincantieri in the maritime segment, and for the world´s first integration of a fuel cell into a rail milling machine,” the board said in its statement.

“The rail milling machine order was part of the flagship project ‘MG11 H2’ from the world market leader for rail milling machines, the Austrian corporation Linsinger Maschinenbau Gesellschaft.

“Furthermore, the company entered into a framework agreement with APEX Energy Teterow for ten containerised 100kW fuel cell systems.”

Proton said those orders already generated sales in 2020, with further projected sales in 2021 and 2022.

“Having implemented from the onset all recommended protective measures at its factory in Puchheim, to date Proton has only been minimally affected by Covid-19 with two isolated cases amongst the Company staff.

“Whilst our staff have to maintain social distancing and follow other recommended measures to protect themselves against the virus, our factory in Puchheim remains fully open and our production capacity is unaffected.

“This allows us to focus on manufacturing and delivering the above mentioned order pipeline.”

The company said other potential effects of the pandemic, such as material supply bottlenecks, had not been experienced to date.

At 1007 GMT, shares in Proton Motor Power Systems were down 6.45% at 71.57p.