TIDMPPS
RNS Number : 0833R
Proton Motor Power Systems PLC
04 March 2021
04 March 2021
Proton Motor Power Systems plc
("Proton Motor" or the "Company")
Trading Update
Proton Motor Power Systems plc (AIM: PPS), the designer,
developer and producer of hydrogen fuel cells and hydrogen fuel
cell electric hybrid systems with a zero-carbon footprint, is
pleased to provide a Trading Update for the year ended 31 December
2020.
Highlights:
-- Order intake of GBP7.3m (2019: GBP1.3m), an almost six fold increase.
-- Order backlog value in production at the end of the year:
GBP6.4m under contract (2019: GBP0.9m).
-- Sales GBP1.9m (2019: GBP0.8m), an increase of 138%.
-- The resulting LBIT is in line with management expectations.
During 2020 Proton Motor received orders, among others, from
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 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 m.b.H.
Furthermore, the Company entered into a framework agreement with
APEX Energy Teterow GmbH for ten containerised 100kW fuel cell
systems.
These 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 Motor has only
been minimally affected by COVID-19 with two isolated cases of
COVID-19 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. Other potential effects of the pandemic
such as material supply bottlenecks have not been experienced to
date.
Within the context of the Innovative Life Award programme,
Proton Motor Fuel Cell GmbH ( www.proton-motor.de ), together with
25 other entities, was named as outstanding by the Innovative Life
Award jury. The programme is coordinated by the "Bavarian
Innovation GmbH," ( www.bayern-innovativ.de/en ), which, since
1995, has been working together with companies, research institutes
and innovation providers. The Innovative Life Award itself was
initiated in 2020 under the patronage of the Bavarian Minister of
State, Hubert Aiwanger.
The following significant milestones in political commitment
towards a green economy were initiated during 2020 and are expected
to benefit Proton Motor's business over the coming years:
European Union (EU)
The EU originated European Clean Hydrogen Alliance (ECH2A) was
announced as part of the New Industrial Strategy for Europe, which
was launched on 8 July 2020 within the context of the hydrogen
strategy for a climate-neutral Europe .
The European Clean Hydrogen Alliance aims at an ambitious
deployment of hydrogen technologies by 2030, bringing together
renewable and low-carbon hydrogen production, demand in industry,
mobility and other sectors, and hydrogen transmission and
distribution.
Federal Republic of Germany
On 3 June 2020 Germany's coalition government presented a EUR130
billion (GBP114 billion) fiscal stimulus package to be implemented
over two years.
This package includes the following elements with regard to the
role of hydrogen:
-- The 'national fuel cell strategy' will support the hydrogen
industry with EUR7 billion. The goal is to make Germany a global
champion in the hydrogen industry and to export it on a global
basis. By 2030, Germany plans to install 30 Gigawatt of
electrolysers to produce green hydrogen from offshore and onshore
alternative energy sources. Additionally, the German government is
seeking to support the shift from fossil energy to hydrogen in all
types of industrial processes.
-- The automotive supplier industry will receive a bonus
programme worth EUR2 billion in the years 2020 and 2021 to invest
in R&D for new technologies.
-- Subsidies worth EUR1.2 billion for public and private
operators of buses and commercial vehicles with alternative power
units.
United Kingdom
The UK's 10-point Green Industrial Revolution Plan announced on
18 November 2020, including the aim to generate 5GW of "low-carbon"
hydrogen production capacity by 2030, with the creation of a
Hydrogen Neighbourhood in 2023 and a Hydrogen Village by 2025.
Dr. Nahab, CEO of Proton Motor, commented: "Although faced with
highly challenging trading conditions in 2020, the company has made
significant progress. In the year ahead we are focused on further
progressing the maturity of the group technology offer, ramping up
production capacity and exploiting the current potential order
intake and sales pipeline. The current outlook at the end of 2020
looking into 2021 is more optimistic than that prevalent at the end
of 2019. It is anticipated that the aforementioned political
commitments will contribute to further strengthening the demand for
hydrogen related products, such as the fuel cells."
For further information:
Proton Motor Power Systems plc
Dr Faiz Nahab, CEO
Helmut Gierse, Chairman
Brendan Bilton, Investor and Business Tel.: +44 (0) 7866 122678
Relations
Sebastian Goldner, COO/CTO Tel: +49 (0) 173 189
Roman Kotlarzewski, CFO 0923
Manfred Limbrunner, Director Sales www.protonpowersystems.com
and Marketing investor-relations@proton-motor.de
Shore Capital
Nominated adviser and broker
Antonio Bossi / David Coaten Tel: +44 (0) 20 7408
4050
www.shorecap.co.uk
About Proton Motor Fuel Cell GmbH
Proton Motor has more than 20 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 offers complete fuel cell and
hybrid systems from a single source - from the development and
production through the implementation of customized solutions. The
focus of Proton Motor is on back-to-base, for example, for mobile,
marine and stationary solutions applications. The product portfolio
consists of base-fuel cell systems, standard complete systems, as
well as customized systems.
Proton Motor serves IT, Telecoms, public infrastructure and
healthcare customers in Germany, Europe and Middle East with power
supply solutions for DC and AC power demand. In addition to power
supply, SPower also offers solutions for Solar Systems as well as a
new product line for Solar Energy Storage.
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).
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