22nd June 2021
Proton Motor Power Systems plc
("Proton Motor" or the "Company")
Memorandum of Understanding
Proton Motor Power Systems plc (AIM: PPS), Europe's leading designer, developer and producer of hydrogen fuel cells and electric hybrid systems with a zero-carbon footprint, announces that it has signed a Memorandum of Understanding ("MoU") with Electra Commercial Vehicles Limited ("Electra") to develop the zero emission fuel cell truck market in the UK and Ireland.
Electra was founded in 2017 by Sid Sadique to develop, test and manufacture all electric trucks. It is the leading producer of zero emission trucks in the UK and has a production capacity for over 200 vehicles per annum. Electra supplies all electric trucks to a number of councils throughout the UK and Ireland as well as fleet operators. In order to provide its electric trucks with enhanced range and duty cycles, Electra wishes to incorporate a fuel cell range extender power pack into its vehicles. Demand for zero emission trucks in the UK is rapidly increasing, as local councils and large fleet operators plan to meet their carbon emission reduction targets. To meet this demand, Electra is planning to expand its production capacity in the next 12 months.
Under the MoU, Electra will act as system integrator to integrate Proton Motor's fuel cell systems into its existing electric truck portfolio. Proton Motor will provide engineering support and training to Electra during the development and qualification of their fuel cell trucks. Both parties will jointly develop a prototype vehicle for serial testing and type approval, which will allow Electra to make an unrestricted number of fuel cell powered trucks. Additionally, Electra will place an initial order for Proton Motor fuel cell systems to be incorporated into five of its trucks. Both parties have also agreed to carry out sales and marketing activities jointly in the UK.
Dr. Nahab, CEO of Proton Motor, commented: "We are delighted to have signed this Memorandum of Understanding with Electra, which is the leading manufacturer of all electric trucks in the UK. This will have the potential to further expand Proton Motor's extended reach within the mobility sector and secure a leading position in the UK market."
Sid Sadique, Chairman of Electra Commercial Vehicles Ltd, commented: "We have been assessing fuel cell systems from a number of suppliers and are very pleased to have signed the Memorandum of Understanding with Proton Motor. The system and engineering support from Proton will allow Electra to expedite the development of its new range of fuel cell - battery electric trucks that will help meet the increasing demand for zero emission trucks in the UK."
For further information:
Proton Motor Power Systems plc
Dr Faiz Nahab, CEO |
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