Green energy vehicle company Proton Power Systems has announced it is on the hunt for licensing partners to help roll out its portfolio of products around the world.
The fuel cell maker has announced its final results for 2013 in which it lists a number of contract achievements and targets for 2014.
Listed on the London Stock Exchange since 2006, Proton designs, develops and produces fuel cells and fuel cell electric hybrid systems and its powerful hydrogen fuel cell range extenders can dramatically boost the distance electric buses and other vehicles can travel between charges.
Although launched and registered in the North East, much of the firm’s product development is led by its German subsidiary, Motor Fuel Cell GmbH.
The company has already been involved in talks with major transport operators, who see the potential of the system.
The firm has announced to shareholders that it has increased its turnover – by 21% to £1.11m – but also its losses as commercialisation of its products takes priority.
It has received a new loan funding of £6.6m from investor Roundstone Properties Limited and grant funding of £222,000 from the German Government.
Sales increased mainly as a result the acquisition of SPower and the operating loss for the year widened to £4,896,000 and the total loss for the year was £9,267,000, in line with management expectations.
Staff numbers rose over the period, up from 56 to 65.
Proton’s chairman is John Wall, the former head of PricewaterhouseCoopers’ Newcastle corporate finance team.
He said: “The group now has a complete portfolio of solutions and products and is ready for roll out into the world markets and China in particular.
“We have focused on environment, energy and mobility and that is proving to be a winning formula as evidenced by the significant upward movement in our market capitalization.
“Our financial base is strong as we announce today a new 10.9m euro loan note facility with Roundstone and we look to the future with great confidence.”