Protonex Awarded $1.49 M Contract Extension by US Army

(Southborough, MA., February 4, 2010) -- Protonex Technology Corporation (LSE: AIM: PTX and PTXU), a leading provider of advanced fuel cell power systems, today announces that it has received an incremental $1.49 million contract award from the U.S. Army CECOM to deliver additional advanced portable battery charger / APU fuel cell products. This follows the US Army CECOM's decision to exercise an option in its original contract with the Company which was announced on 20 January 2010.

This award increases the total funded value of the overall contract to $3.34 million and additional options remain within the contract which, if awarded, could increase the total value of the contract to $6.4 million.


Under the terms of this eight-month, phase two program, Protonex is expected to deliver 30 additional portable battery charger / APU products to the U.S. Army for field use. The M250-CX units will include all of the next-generation improvements developed during the phase one program, which include increased power output, further integrated battery management and charging capabilities, additional ruggedisation and reduced overall size and weight.

Commenting on the news, Greg Cipriano, Vice President, Marketing & Military Development, at Protonex said:

"This additional phase two program is another important milestone for Protonex as our M250-CX power systems move closer to deploying to our U.S. soldiers. We are excited about delivering on our first low volume order for the M250-CX, one of the Company's flagship military products."

Source : Protonex Technology Corp.