Protonex Awarded $1.49 Million Contract Extension by US Army

DATELINE: SOUTHBOROUGH, MA; Protonex Technology Corporation (LSE: AIM: PTX and PTXU), a leading provider of advanced fuel cell power systems, today announces that it has received an incremental $1.49 million contract award from the U.S. Army CECOM to deliver additional advanced portable battery charger / APU fuel cell products. This follows the US Army CECOM's decision to exercise an option in its original contract with the Company which was announced on 20 January 2010.

This award increases the total funded value of the overall contract to $3.34 million and additional options remain within the contract which, if awarded, could increase the total value of the contract to $6.4 million.

Under the terms of this eight-month, phase two program, Protonex is expected to deliver 30 additional portable battery charger / APU products to the U.S. Army for field use. The M250-CX units will include all of the next-generation improvements developed during the phase one program, which include increased power output, further integrated battery management and charging capabilities, additional ruggedisation and reduced overall size and weight.

Commenting on the news, Greg Cipriano, Vice President, Marketing & Military Development, at Protonex said:

"This additional phase two program is another important milestone for Protonex as our M250-CX power systems move closer to deploying to our U.S. soldiers. We are excited about delivering on our first low volume order for the M250-CX, one of the Company's flagship military products."

Protonex' M250-CX system is a lightweight, 250-watt portable power system designed to meet the stringent demands of a wide range of military battery charging and auxiliary power unit applications. The unique design combines advances in fuel cell energy conversion and battery charging technology into one complete product solution to provide military battery charging and 28V auxiliary power with extremely low weight, noise, and thermal signature."

About Protonex Technology Corporation

Protonex Technology Corporation develops and manufactures compact, lightweight and high- performance fuel cell systems for portable power applications in the 100 to 1000-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.


Protonex Technology Corporation

Tel: +1 508 490 9960

Scott Pearson,

Chief Executive Officer

Margaret Dorsheimer,

Director of Marketing

Piper Jaffray Ltd.

Tel: +44 (0)20 3142 8700

Nominated Adviser

Michael Covington

Rupert Winckler

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