27
February 2024
Proton Motor Power Systems
plc
("Proton Motor" or the
"Company")
Full Year Trading
Update
Proton Motor Power Systems plc (AIM:
PPS), the designer and producer of hydrogen fuel cells and hydrogen
fuel cell electric hybrid systems with a zero-carbon footprint, is
pleased to provide an update on trading for the year ended 31
December 2023 ("FY
2023").
Highlights
Financial
· FY
2023 revenue of £2.1m (FY 2022: £2.1m)
· 40%
increase in the value of system sales to £2.0m (2022 system sales:
£1.4m)
· Total
order intake of £2.5m (2022: £2.7m)
· In
total, 42 fuel cell systems were delivered during the period (2022:
23 systems)
· Total
order book at the period end of £2.5m (31 December 2022:
£2.7m)
Operational
·
An opening ceremony of the new production facility
for the press and other relevant media was held in August 2023
· New
HyModule® S4 fuel cell system solution
introduced in response to sustained interest in hydrogen
technology
Trading update
Subject to completion of the audit,
the Company expects to report revenue for FY 2023 of £2.1m (FY
2022: £2.1m). Whilst total revenues were in line with the
prior year, the Company increased its system sales by c. 40% to
£2.0m (2022 system sales: £1.4m). In megawatt terms, this equated
to total system sales of 0.7MW (2022: 0.5MW). In total, 42 fuel
cell systems of differing configurations were delivered to
customers during the period (2022: 23 systems). Service and
engineering revenue for the year was £0.1m (2022:
£0.7m).
Total order intake for the period
was £2.5m (FY 2022: £2.7m). This included:
· a
repeat order from DB Bahnbau Gruppe for a fuel cell system based on
the Company's standard HyModule®
S8 to support critical rail
infrastructure;
· a
standalone fuel cell system based on an 87 kVA container solution
HyShelter® 87 for Redexis, as part of Spain's Green Hysland
project; and
· a new
order from the University of Stuttgart for a containerised fuel
cell power plant HyShelter® 215 with a power output of up to 215
kVA.
Repeat orders from existing
customers represented 37.7% of the total order intake value in
2023, with 62.3% coming from new customers. The overall sales and
order intake in 2023 reflected the Company's continued focus on the
"stationary" market, where nearer-term adoption is
expected.
The Company held an opening ceremony
for the new production facility for the press and other relevant
media in August 2023. The Company is planning to commence
production in its new facility by early 2025 in readiness for the
anticipated increase in demand for fuel cells. The installation of
a hydrogen storage tower at the new production facility will
commence on completion of regulatory approval.
The current focus of the sales team
is primarily on segments in the stationary market, where critical
mass demand is being identified. On a secondary level the Company
is offering customised systems, based on its validated fuel cell
system kit, to customers in the maritime, heavy-duty and rail
markets either with follow up orders or where higher volumes are
expected. The main reason for this is that stationary applications
are regarded as being the primary initial market for widespread
adoption. Application areas for the stationary market
include:
· the
emergency power segment requiring hydrogen infrastructure and
emission free power with a long back up time;
· off-grid power supplies due to lack of mains power
infrastructure; and
· energy
storage and local combined heat and power usage for the renewable
energy sector, which is only possible with hydrogen fuel
cells.
At the start of 2024, the Company
introduced its new HyModule® S4 fuel
cell system solution in response to sustained interest in hydrogen
technology. The system was first presented at HyVolution
Paris.
Dr.
Faiz Nahab, CEO of Proton Motor, said:
"As we increase our focus on
strengthening Proton Motor's position to take advantage of the
expected increase in demand for hydrogen technology, we are pleased
that activity during the period continued to develop the pipeline
of opportunities for our hydrogen fuel cell systems with both new
and existing customers. Over the period, we delivered significant
orders as part of innovative projects which showcase the important
role of hydrogen in the energy transition. As ever, we remain
committed to ensuring that the Company is well positioned to meet
growing demand, supported by the new production facility and
investment in strengthening our sales team. Proton Motor is
consistently progressing the commercialisation of its products, and
we look forward to strengthening the Company's recognition as a
leader of hydrogen fuel cell technology throughout
2024."
For
further information:
Proton Motor Power Systems
Plc
|
|
Dr Faiz Nahab,
CEO
|
|
Roman Kotlarzewski, CFO
|
+49 (0) 173 189 0923
|
|
www.protonpowersystems.com
|
Allenby Capital
Limited
|
|
Nominated Adviser &
Broker
|
+44 (0) 20 3328 5656
|
James Reeve / Vivek
Bhardwaj
|
|
|
|
Celicourt Communications
|
|
PR Adviser
|
+44 (0) 20 7770 6424
/ protonmotor@celicourt.uk
|
Mark Antelme / Philip
Dennis
|
|
About Proton Motor
Proton Motor has 25 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 develops and produces standard Products
as well as customised solutions. The
focus of Proton Motor is on stationary solutions, as well as
mobile, marine and rail applications. The product portfolio
consists of base-fuel cell systems, standard complete, as well as
customised systems.
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).