Proton Motor doubles deliveries as demand for hydrogen tech booms

Proton Motor Power Systems said it nearly doubled deliveries of its hydrogen fuel cell systems in 2023 as demand increases for the nascent technology.

The AIM-listed hydrogen fuel cell developer booked 42 deliveries in the twelve months to 31 December, up from 23 the year prior and alongside a 40 per cent increase in the value of system sales to £2m.

However, despite the jump in deliveries, revenues levelled out at £2.1m, while its total order book declined slightly to £2.5m.

It comes as the company’s management eyes a move into the green after reporting a £5.54m loss in September 2023.

The share price has disappointed and is down nearly 80 per cent in the last year, even as demand for hydrogen solutions in Europe and Asia increases.

But shares rose over six per cent on today’s update.

Repeat orders from existing customers represented 37.7 per cent of the total order intake value in 2023, with 62.3 per cent coming from new customers.

Dr. Faiz Nahab, chief executive of Proton Motor, said: “As we increase our focus on strengthening Proton Motor’s position to take advantage of the expected increase in demand for hydrogen technology, we are pleased that activity during the period continued to develop the pipeline of opportunities for our hydrogen fuel cell systems with both new and existing customers.

“Over the period, we delivered significant orders as part of innovative projects which showcase the important role of hydrogen in the energy transition.

He added: “As ever, we remain committed to ensuring that the company is well positioned to meet growing demand, supported by the new production facility and investment in strengthening our sales team.”

Proton, which employs around 120 people, has been working on hydrogen fuel cells for a quarter of a century and listed on London’s AIM in 2006.