Proton Motor Power Systems Announces Cost Reduction Strategy and Plans to Delist From AIM

• Proton Motor Power Systems plc, known for its zero-carbon fuel cells and hybrid systems, is making significant changes to its operational structure to drastically cut costs.
• The company is considering delisting from the Alternative Investment Market (AIM) as part of its strategic financial overhaul.

Proton Motor Power Systems plc (AIM: PPS), a prominent player in the design, development, and production of fuel cells and hybrid systems with zero-carbon emissions, has released an update regarding its financial and operational strategy. Following a previous announcement on November 20, 2024, the company’s board is now evaluating the feasibility of continuing operations under a significantly reduced cost structure. This restructuring would involve settling with outstanding creditors, except for those under its existing debt facilities, and reducing ongoing contractual commitments.

Given these changes, the board is also moving forward with plans to remove the company’s shares from trading on AIM. They have concluded that maintaining the listing would not be feasible under the proposed reduced cost operations. Details of this delisting will be discussed in a forthcoming circular expected early in the next year.

Despite these challenging adjustments, Proton Motor Power maintains that it has adequate cash reserves to operate solvently in the near term. This stability is supported by the funds from its debt facilities, operational income, and an anticipated R&D tax credit, expected early in 2025. The company promises to keep its stakeholders informed as it navigates through these transitions, ensuring transparency and diligence in its efforts to sustain its innovative work within the fuel cell technology sector.

 

Proton Motor Power Systems Announces Cost Reduction

Proton Motor Power Systems Announces Cost Reduction - Fuelcellsworks