US1.85m contract to develop deployable charger/APU
January 20 2010 - 1:00AM
UK Regulatory
TIDMPTX TIDMPTXU
RNS Number : 8153F
Protonex Technology Corporation
20 January 2010
FOR IMMEDIATE RELEASE
January 20, 2010
PROTONEX awarded $1.85 MILLION CONTRACT TO DEVELOP DEPLOYABLE
PORTABLE
BATTERY CHARGER / APU systemS
DATELINE: SOUTHBOROUGH, MA; Protonex Technology Corporation (LSE: AIM: PTX and
PTXU), a leading provider of advanced fuel cell power systems today announces
that, as anticipated in its results announcement of 13 January 2010, it has
received a $1.85 million contract award from the U.S. Army CECOM, as part of the
American Recovery and Reinvestment Act of 2009, to develop and deliver advanced
portable battery charger / APU fuel cell systems. This contract award also
includes three option phases which, if awarded, could increase the total value
of this contract to $6.4 million and could include delivery of over 100
production units.
Under the terms of this five-month, phase one program, Protonex will develop the
next-generation of its existing M250-CX platform by increasing its power output,
integrating additional battery management and charging capabilities,
reducing overall size and weight, and further ruggedizing the system for field
use. At the conclusion of the phase one program, Protonex is expected to deliver
multiple portable battery charger/APU systems to the U.S. Army for further
testing and field use.
Development of a next-generation system based on the existing 250-watt
platform will provide the military with lightweight, extremely quiet and fuel
efficient power systems that can be used as portable field battery chargers or
auxiliary power units (APUs). Use of the M250-CX could enable new mission
scenarios and allow a switch to rechargeable batteries in the field, thereby
reducing overall weight and saving significantly on the hundreds of millions of
dollars spent annually on non-rechargeable batteries in the field by the US
Department of Defense.
Commenting on the contract, Scott Pearson, Chief Executive of Protonex said:
"With this significant award, our development work on the M250 platform of
products has been supported to date by a total of $9.6 million in contracts from
the U.S. Army and the U.S. Department of Defense. This contract represents
continuing support from our military customers and validates the need for
alternative power solutions for U.S. soldiers in the field where batteries and
generators fail to provide acceptable performance."
"In addition, the potential follow-on funding contemplated by the three program
options could pave the way to low volume procurement of the M250-CX systems
within the U.S. Army and other military and government agencies."
Protonex' M250-CX system is a lightweight, 250-watt portable power system
designed to meet the stringent demands of a wide range of military battery
charging and auxiliary power unit applications. The unique design combines
advances in fuel cell energy conversion and battery charging technology into one
complete product solution to provide military battery charging and 28V auxiliary
power with extremely low weight, noise, and thermal signature.
- ENDS -
Enquiries
Protonex Technology CorporationTel: +1 508 490 9960
Scott Pearson, Chief Executive Officer
Margaret Dorsheimer, Director of Marketing
Redleaf Communications Limited Tel: +44 (0)20 7566 6700
Press and Investor Relationsprotonex@redleafpr.com
Samantha Robbins
Paul Dulieu
Michael Ward
Piper Jaffray Ltd. Tel: +44 (0)20 3142 8700
Nominated Adviser
Michael Covington
Rupert Winckler
Notes to Editors
About Protonex Technology Corporation
www.protonex.com
Protonex Technology Corporation develops and manufactures compact, lightweight
and high- performance fuel cell systems for portable power applications in the
100 to 1000-watt range. The Company's fuel cell systems are designed to meet the
needs of military, commercial and consumer customers for off-grid applications
underserved by existing technologies by providing customizable, stand-alone
portable power solutions and systems that may be hybridized with existing power
technologies. The Company is headquartered in Southborough, Massachusetts.
This announcement includes statements which are, or may be deemed to be,
"forward-looking statements". All statements other than statements of historical
facts included in this announcement, including, without limitation, those
regarding Protonex' financial position, business strategy, plans and objectives
of management for future operations (including development plans and objectives
relating to Protonex' products and services) are forward-looking statements. By
their nature, such forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause the actual results,
performance or achievements of Protonex to be materially different from future
results, performance or achievements expressed or implied by such
forward-looking statements. These factors include but are not limited to those
described in the Admission Document issued in connection with the Company's
admission to AIM.
Forward-looking statements may and often do differ materially from actual
results. Any forward-looking statements in this announcement speak only as at
the date of this announcement and are subject to risks relating to future events
and other risks, uncertainties and assumptions relation to Protonex' operations,
results of operations, growth strategy and liquidity.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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