REG - Proton Motor Power - Financing update

Proton Motor Power SystemsAnnouncement

22/08/2024 07:01

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RNS Number : 3382B  Proton Motor Power Systems PLC  22 August 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK
VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH
LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED.  ON
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

 

22 August 2024

 

Proton Motor Power Systems plc

("Proton Motor" or the "Company")

 

Financing update

 

Proton Motor Power Systems plc (AIM: PPS), the designer, developer and
producer of electric hybrid systems with a zero-carbon footprint, announces
that it has received notification from the Company's principal lender (the
"Lender"), stating that the Company's working capital requirements will only
be supported until 31 December 2024.

 

Proton Motor has historically been reliant on the support of the Lender and
parties connected to him, for the provision of loans under debt facilities
(the "Facilities") to fund the ongoing working capital requirements of the
Company. As at 31 July 2024, the Company had debt facilities totalling
€121.5 million, of which €110.4 million was drawn, as well as accrued
interest under the Facilities of €37.8 million.

 

All of the Facilities are repayable in full by 31 December 2025. The Directors
consider that, based on the correspondence received from the Lender, the
Company has access to funding under the Facilities that will be sufficient for
the Company's working capital requirements until at least the end of 2024.

 

The Directors have been in discussions with other potential sources of finance
and, in light of this new development, will accelerate those discussions in
order that the business can continue as a going concern. Further announcements
will be made in due course.

 

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 /

 Charlie Denley-Myerson

 

 

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 heavy-duty, 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).

 

 

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