History and Background
Protonex was founded in 2000 by fuel cell experts focused on creating a fundamentally new stack architecture to address a primary barrier to successful commercial adoption of fuel cells: cost. A unique methodology for scaleable, volume manufacture of durable, low-cost fuel cell stacks was developed and patented. This revolutionary stack design and innovative manufacturing process not only eliminated many of the technical and cost issues normally associated with commercialisation of fuel cell systems, but also yielded stacks with superior performance.
The Company completed its 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 $51 million* in total program value with the US military and government agencies. Protonex considers the US military a lead user for advanced power technologies and believes that success in this market will be a critical step that will drive wide-scale commercial adoption of the Company’s products.
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 approximately 80 scientists, engineers and professional staff.
Protonex is well positioned to deliver high-performance, low-cost fuel cell products to military and commercial customers. With a wide range of technical expertise and an expanding intellectual property portfolio that covers PEM, SOFC and fuel reforming technology (43 patents issued or pending), the Company is also able to offer a variety of fueling options, including hydrogen, chemical hydride, methanol and propane.
Protonex has established formal strategic partnerships with Parker Hannifin, Northrop Grumman, Cummins and Raytheon to help it reach its commercialization goals. The Company intends to focus on direct product sales as well as on the sale of complete, application-specific power solutions to leading military and commercial OEMs for resale globally to their target markets.
As it continues to grow and gain market access, the Company intends to make strategic investments in continued commercialisation and marketing of the Company’s existing and new products for military and commercial markets; development of advanced fuel cell and fuelling technologies; implementation of volume production operations with its contract manufacturing partners; and adjacent technologies or businesses that complement or expand the Company’s existing business.
On June 11, 2010, Protonex shareholders approved cancellation of its public listing on the AIM market of the London Stock Exchange. Effective on June 21, 2010 Protonex became a privately held company.
* Includes contracts awarded to Mesoscopic Devices before acquisition in April 2007.