Protonex Awarded $1.85 Million Contract to Develop Deployable Portable Battery Charger / APU Systems
January 20 2010 - 7:30AM
Business Wire
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.
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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