Proton Power Systems joins fuel cell-powered truck JV
Source - SMW
Fuel cell developer Proton Power Systems said it had signed joint venture agreement to establish a new company focused on building heavy-duty trucks run on fuel-cell hybrid systems.
The new company, Clean Logistics, would be based in Hamburg and be a third-owned by Proton.
Joint venture partners Hopen and Hary would also own a third share each.
The venture had applied for German federal aid to take it through a prototype development stage during 2019.
It was seeking additional funding to support orders of up to 1,000 vehicles by the end of 2021, Proton said.
The company said it was providing its new Generation 4 fuel cell for inclusion in the trucks, but did not have any material financial commitments to the JV.
At 9:54am: (LON:PPS) Proton Power Systems PLC share price was +0.28p at 6.63p