Proton Power makes £1.59m loss for year

Proton Power reports that turnover for the year increased by 22% to £875,000 mainly as a result of funded projects started in April 2010. The loss for the year was £1,592,000 and was in line with management expectations.

The Group secured new funding in 2011 of €2,620,000 from Roundstone Properties Limited and received €1,207,886 from the German Government to develop the Range Extender system and for the development of a new stack generation.

In addition to the above the group received €214,479 from sales of the 19" module, from the service contract with ATG, the operator of the Zemship in Hamburg, and from the final account for the original European Zemship project.

The total funds raised of €4,042,365 financed the working capital for the year. In October 2011, the company announced the conversion of a convertible loan note of c. £8.8 million and interest cumulated thereon into new ordinary shares.

The conversion has allowed Proton Power to simplify the presentation of accounts by removing non operational gains and losses from its financial results and resulted in a market capitalisation which more closely reflects the total investment made by Roundstone Properties Limited and others in the Company.

The Company continues to be interested in involving other investors alongside Roundstone Properties Limited in this exciting opportunity.

At 9:29am: (LON:PPS) share price was 0p at 2.5p

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