Overview
Protonex is a leading provider of advanced fuel cell power solutions for portable, remote and mobile applications in the 100 to 1,000-watt range. Based on patented proton exchange membrane (PEM) and solid oxide fuel cell (SOFC) technologies, these power systems are among the industry’s smallest, lightest and highest performing fuel cell systems for portable applications. Protonex has developed several products designed for end-users in military, commercial and consumer markets that are currently underserved by batteries and small generators. Products are also being developed for OEM customers looking to integrate high-performance fuel cell power into their products and applications.
Founded in 2000, the Company completed an initial public offering on the Alternative Investment Market (AIM) of the London Stock Exchange in July 2006, and a secondary offering in April 2007, raising gross proceeds of $16.2 million and $27.7 million, respectively. To date, the Company has received contracts over $35 million* in total program value with the US military and government agencies, and has established formal strategic partnerships with Parker Hannifin, Northrop Grumman, Cummins and Raytheon.
In April 2007, Protonex acquired Mesoscopic Devices, an industry leader in SOFC technology, fuel reforming, and desulfurization systems. The Company is building on the technical and market synergies that exist between the two businesses to considerably strengthen its position as a leader in the portable fuel cell industry. Headquartered near Boston, Massachusetts, with a development facility near Denver, Colorado, Protonex now employs over 80 scientists, engineers and professional staff.
Protonex is well positioned to deliver high-performance, low-cost fuel cell products to military, commercial and consumer customers. With a wide range of technical expertise and an expanding intellectual property portfolio that covers PEM, SOFC and fuel reformering technologies, the Company is also able to offer a variety of fueling options, including hydrogen, chemical hydride, methanol, propane and hydrocarbon and renewable fuels.
* Includes contracts awarded to Mesoscopic Devices before acquisition in April 2007.