Additional Contract and Key Hire for Commercialization Program
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DATELINE: SOUTHBOROUGH, MA; Protonex Technology Corporation (LSE: PTX), a leading manufacturer of high-performance fuel cell power systems for portable and remote applications, announced today two recent developments that are expected to advance the Company's product development and volume manufacturing capabilities.
The Company has been awarded a second contract with the Ann Arbor-based National Center for Manufacturing Sciences (NCMS) with a total program value of $400,000 to continue to increase the manufacturability of its fuel cell products.
In addition, the Company has appointed Robert V. Barry, Vice President, Product Engineering, to increase focus on development of customer-focused products that are ready for mass-market adoption.
The NCMS contract extends Protonex' previous program funded by NCMS to improve manufacturability of the Company's fuel cell stacks, the core component of its products. Under this earlier program, Protonex' fuel cell stack technology was optimized to reduce parts count, manufacturing cycle time and overall costs. This second contract will fund similar improvements to the manufacturing of Protonex' complete fuel cell systems. Protonex' partner, Parker Energy Systems, will support this effort by providing optimized balance of plant components and manufacturing expertise.
Scott Pearson, Protonex CEO commented, "This second program with NCMS and the addition of Mr. Barry will help us accelerate our product development efforts and our ramp-up to volume manufacturing. Mr. Barry has a proven track record of coordinating large technical teams to commercialize products. His engineering leadership and the NCMS contract are both critical pieces in our drive to deliver fuel cell products that offer unique value to their markets and can be produced for commercial sales."
Mr. Barry has over 30 years of experience managing the development and manufacture of commercial hardware and system products. Most recently, Mr. Barry served as Director of Engineering for Presstek, a supplier of high-tech digital imaging products. Mr. Barry has held R&D leadership and executive positions at Eastman Kodak and Polaroid Graphics Imaging, where he led numerous successful product commercialization programs. Mr. Barry has managed R&D investments for businesses at Kodak and Polaroid Graphic Imaging, directed a $30M privately held spin out from Polaroid, and has generated significant patent portfolios.
Inquiries
Protonex
Tel: 508 490 9960
Scott Pearson,
Chief Executive Officer
Jennifer Humiston,
Marketing Manager
Brunswick Group LLP
Tel: +44 (0)20 7404 5959
Press and Investor Relations
Paul Scott
Alex Tweed
Canaccord Adams Limited
Tel: +44 (0) 20 7050 6500
Nominated Advisor
Robert Finlay
Tyler Broda
About Protonex Technology Corporation
www.protonex.com
Protonex Technology Corporation develops and manufactures compact, lightweight and high- performance fuel cell systems for portable power applications in the ten to 500-watt range. The Company's fuel cell systems are designed to meet the needs of military and original equipment manufacturer (OEM) customers for off-grid applications underserved by existing technologies by providing customizable, stand-alone portable power solutions and systems that may be hybridized with existing power technologies. The Company is based in Southborough, Massachusetts.
About National Center for Manufacturing Sciences (NCMS)
www.ncms.org
NCMS builds cross-industry and cross-government partnerships that leverage assets, minimize risk and expand resources, allowing timely introduction of new technology in the manufacturing sector. Collaborative teaming allows companies and government agencies to engage in a greater range of research and development efforts than would be possible through their respective independent efforts, and ensures that the R&D efforts are focused on real-world applications with inherent market viability.
