Contract of upto $1m to advance SOFC power systems
01 Dezembro 2009 - 5:00AM
UK Regulatory
TIDMPTX TIDMPTXU
RNS Number : 3497D
Protonex Technology Corporation
01 December 2009
FOR IMMEDIATE RELEASE
1 December 2009
PROTONEX awarded CONTRACT of up to $1.0 MILLION TO advance
Solid oxide fuel
cell power systemS
DATELINE: SOUTHBOROUGH, MA; Protonex Technology Corporation (LSE: AIM: PTX and
PTXU), a leading provider of advanced fuel cell power systems today announced
that it has received a contract award of up to $1.0 million, through the
University of South Carolina (USC) Research Foundation and WinTec Arrowmaker, to
build, test and deliver solid oxide fuel cell (SOFC) power systems to the U.S.
Army.
Under the terms of this 12-month contract, Protonex will continue to develop a
fully integrated liquid fuel generator system.As part of the program, Protonex
will increase the specific energy of the system through advanced fuel cell and
stack development, and will increase the lifetime and reliability through
rigorous testing of the completed systems. 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 very pleased to have received another significant award to further
evolve our SOFC systems," stated Dr. Caine Finnerty, Director, SOFC Development
for Protonex. "The U.S. military has shown much interest in advanced portable
power solutions for military applications with even greater interest in systems
that can operate on multiple liquid fuels. This program will allow us to develop
further our liquid-fueled systems for military testing and enable us to
accelerate the conversion of our leading-edge SOFC systems for military and
commercial markets."
- ENDS -
Enquiries
Protonex Technology Corporation Tel: +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 Relations protonex@redleafpr.com
Samantha Robbins
Paul Dulieu
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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