REG - Proton Motor Power - Management of Cost Base

Proton Motor Power SystemsAnnouncement

08/05/2024 07:00

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RNS Number : 5073N  Proton Motor Power Systems PLC  08 May 2024

08 May 2024

 

Proton Motor Power Systems plc

("Proton Motor" or the "Company")

 

Management of Cost Base

 

The Board of 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, announces it is actively managing its cost base,
while ensuring the Company remains well placed to capture the significant
market opportunity presented by its proven product range.  As part of this
initiative, the work force is being reduced by 17%, from a headcount of 112 to
93, which will lead to a c. £1m reduction in annual overheads once
implemented.

 

Proton Motor will continue to provide the current high levels of support for
its existing customers, and looks forward to providing further updates on its
clear growth strategy in due course.  Meanwhile, the Company is giving its
full support to those individuals who will be leaving, and to delivering a
seamless internal restructuring.

 

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).

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