Proton Motor Power Systems plc (AIM: PPS), the designer, developer and producer of fuel cells and fuel cell electric hybrid systems with a zero-carbon footprint, notes the press release published by the European Union Commission (the "EU Commission") announcing that it has selected 85 innovative net-zero projects to receive grants from the Innovation Fund (the "Innovation Fund Grant"), which includes a proposed Proton Motor Fuel Cell GmbH project.
The Company made a grant application to the EU Commission in April 2024 in relation to a Proton smart factory involving an automated series production of unique Proton Motor fuel cell stacks and systems for stationary and mobile applications. As noted by the EU Commission, the Company will be invited to enter into a grant preparation process in relation to an Innovation Fund Grant, which would involve signing an Innovation Fund Grant agreement with the European Climate, Infrastructure and Environment Executive Agency in the first Quarter of 2025.
On 22 August 2024 as well as 23 September 2024 it was announced by the Company that Proton Motor is in discussions with other potential sources of finance in order to allow the Company to continue to operate beyond 31 December 2024. Given the aforementioned material changes to the Company's business since the original submission of the grant application in April 2024, the Company will be required to clarify its continued eligibility in relation to the Innovation Fund Grant. Accordingly, there can be no certainty that Proton Motor Fuel Cell GmbH will receive an Innovation Fund Grant, nor as to the timings, terms or quantum of any such grant award.
