Proton Power Systems Receives EUR9.2M Grant Funding

10th Jun 2010 08:47

LONDON (Dow Jones)--Proton Power Systems Plc (PPS.LN), a designer, developer and producer of fuel cells and fuel cell electric hybrid systems, announced Thursday that it has received approval and support for non refundable grant funding in relation to projects worth in total EUR9.2 million from the National Innovation Program or NIP of the German Government and has secured a bank facility of EUR2 million for advances against the grant income. MAIN FACTS: -The non refundable grants are being provided in relation to R&D expenditure and to the company's agreement with Smith Electric Vehicles. -The NIP will grant fund 48% of R&D expenditure incurred by Proton up to EUR5.4 million. -The NIP will also make available to the end customers grant funds of 48% of the cost of purchasing electric vehicles up to EUR3.8 million. -Shares at 0745 GMT up 0.38 pence, or 10%, at 4.13 pence. -By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411; [email protected] (END) Dow Jones Newswires June 10, 2010 03:47 ET (07:47 GMT)