TIDMPPS

RNS Number : 0792B

Proton Motor Power Systems PLC

31 May 2023

31 May 2023

Proton Motor Power Systems plc

(" Proton Motor " or the " Company ")

Appointment of Non-Executive Director

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, is pleased to announce the appointment of Mr. Ali Naini to the Board of the Company as a Non-Executive Director with immediate effect.

Mr Naini is a co-founder and Managing Director of Turquoise International Limited ("Turquoise"), www.turquoise.eu , one of Europe's longest established financial advisers and investors in climate technologies. His experience includes: the set up and management of the two ERDF-backed Low Carbon Innovation Funds; work with a variety of ClimateTech companies (including Proton Motor, where he was previously the deputy chairman for two years from 2008 to 2010); 10 years as co-founder and chairman of Controlled Power Technologies (hybridisation of passenger vehicles) from establishment to trade sale; and 10 years as exclusive financial advisor to Anglo Platinum on ClimateTech matters including its fuel cell JV with Johnson Matthey and establishment of a corporate venturing fund. Previously, he worked in energy project finance and privatisation at Close Brothers, Flemings and PwC, on projects such as Thailand's first IPP solicitation programme and the Northern Ireland electricity privatisation. He holds a Master's and a 1st class Bachelor's degrees from the London School of Economics.

Proton Motor has an existing agreement in place with Turquoise in relation to the introduction of, amongst other matters, potential investors, grant funding and partnerships to the Company. Pursuant to the agreement, Turquoise is entitled to receive a commission on any funding it introduces to the Company.

Dr Faiz Nahab, CEO of Proton Motor, commented:

"As we stand uniquely well placed to take advantage of the acceleration in the adoption of hydrogen fuel cells across multiple markets, we are delighted to welcome Ali Naini to the Board. Ali brings a wealth of finance and commercial experience in the cleantech sector, developed over a distinguished career and we look forward to his sage counsel at this very exciting time for the Company."

AIM Disclosures

Ali Naini (formerly Aghahosseini Naini), aged 56, is, or has been during the last five years, a director or partner of the following companies and partnerships:

 
 Current:                                      Past: 
============================================  ============================= 
 
        *    Turquoise International Limited          *    Regentia Limited 
 
 
        *    Turquoise Capital LLP 
 
 
        *    Third Man Technologies Limited 
 
 
        *    56 Clifton Gardens Limited 
 
 
        *    19 and 21 Abbey Road Limited 
 
 
        *    Turquoise Associates Limited 
 
 
        *    LCIF Representatives Limited 
 
 
        *    LCIF2 General Partner Limited 
 
 
        *    LCIF2-B General Partner Limited

Mr. Naini currently holds 100,000 ordinary shares in the Company.

For further information:

 
 Proton Motor Power Systems Plc 
 Dr Faiz Nahab, CEO 
 Helmut Gierse, Chairman 
 Roman Kotlarzewski, CFO               +49 (0) 173 189 0923 
 Antonio Bossi, NED 
 Investor relations:                   www.protonpowersystems.com 
 investor-relations@proton-motor.de 
 
 Allenby Capital Limited 
 Nominated Adviser & Broker            +44 (0) 20 3328 5656 
 James Reeve / Vivek Bhardwaj 
 
 Celicourt Communications 
 PR Adviser 
 Mark Antelme / Philip Dennis          +44 (0) 20 8434 2643

About Proton Motor Fuel Cell GmbH

Over 25 years Proton Motor has developed proven fuel cell products and systems. With its established position in the multi billion-dollar addressable fuel cell market, the company is uniquely well placed to capture the significant and fast growing demand for 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 customised solutions. The product portfolio consists of base-fuel cell systems, standard complete systems, as well as customised systems. The Company's strategic focus is serving customers with a need for long duration uninterrupted power supply, namely the Stationary, Marine, Rail and On/Off Highway sectors.

Proton Motor Power Systems plc has been quoted on the AIM market of the London Stock Exchange since October 2006 (code: PPS).

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May 31, 2023 02:00 ET (06:00 GMT)

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