Protonex Awarded $2.0 Million Contract to Further Develop Solid Oxide Fuel Cell Power Systems
September 22 2009 - 7:00AM
Business Wire
Protonex Technology Corporation (LSE: AIM: PTX and PTXU), a
leading provider of advanced fuel cell power systems today
announced that it has received a $2.0 million contract award from
the U.S. Army to build, test and deliver solid oxide fuel cell
(SOFC) power systems. This program will focus on advancing the
robustness of Protonex' SOFC power systems operating on
high-performance liquid fuels.
This 12-month contract builds upon a prior program with the U.S.
Army and will focus on system integration and testing in order to
develop a fully integrated liquid fuel generator system. At the
conclusion of the program, Protonex is expected to deliver multiple
liquid-fuelled SOFC power systems to the Army for further testing
and evaluation.
There is growing military and commercial interest in the use of
common liquid fuels, including alternative or renewable fuels to
reduce dependence on foreign oil. Solid oxide fuel cells, with
their low emissions and high efficiency, are well-suited to
generate electricity from these high-energy-density fuel sources.
Fuel-flexible generators capable of operating on both traditional
and alternative liquid fuels can provide highly efficient
electricity generation from both today’s transportation fuels and
the biofuels of tomorrow.
Development of these small SOFC systems will provide the
military with lightweight, extremely quiet and fuel efficient power
systems that can be used as auxiliary power units (APUs), portable
generators or field battery chargers. With further anticipated
improvements, Protonex’ portable SOFC systems could save more than
60% of the weight of existing power solutions and when used to
power equipment directly, the fuel cell systems offer potential
savings of more than 80% of the weight burden of primary
batteries.
“We are pleased to have received this significant award from the
U.S. Army,” stated Dr. Jerry Martin, Vice President of SOFC
Development for Protonex. “This additional program further
validates the growing interest by the U.S. military to identify new
power solutions for soldiers and vehicles. This program will allow
us to accelerate the conversion of our SOFC systems to liquid fuels
and further advance our leading-edge SOFC platforms for military
and commercial markets.”
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.
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