U.S Air Force UAV Development Contract
May 08 2009 - 2:00AM
UK Regulatory
TIDMPTX TIDMPTXU
RNS Number : 9025R
Protonex Technology Corporation
08 May 2009
FOR IMMEDIATE RELEASE
May 8, 2009
PROTONEX RECEIVEs U.S. AIR FORCE CONTRACT AWARD to Extend Capabilities of
Unmanned Aerial Vehicle Propulsion Systems
DATELINE: SOUTHBOROUGH, MA; Protonex Technology Corporation (LSE: AIM: PTX and
PTXU), a leading provider of advanced fuel cell power systems for portable,
remote and mobile applications, today announced that it has received a $265,000
contract from the U.S. Air Force Research Laboratory (AFRL) for advanced
development of high performance fuel cell systems for small unmanned aerial
vehicles (UAVs). This award expands upon a series of efforts by Protonex to
miniaturize fuel cells for use in smaller UAVs.
Under the terms of this AFRL contract, Protonex will integrate a miniaturized
high performance fuel cell system into development partner AeroVironment's
(NASDAQ: AVAV) "Raven" UAV to demonstrate first flight capabilities for this
plane under fuel cell power. The resulting UAV, powered by the Protonex fuel
cell system, would be targeted at longer duration mission
capabilities. AeroVironment's Raven is the highest volume production UAV and is
a battle proven, lightweight UAV designed for rapid deployment and high mobility
for both military and commercial applications.
The advanced fuel cell power system designed for this smaller UAV is a
scaled-down version of a system that was previously integrated into
AeroVironment's "Puma" UAV platform. By incorporating a Protonex power system,
the Puma UAV was able to demonstrate three to four times the flight endurance
capability of advanced batteries.
"We are very pleased that, with the continued support of the AFRL, we are
finding new, mission-critical opportunities for our technology within UAVs,"
commented Dr. Paul Osenar, Chief Technology Officer for Protonex. "Optimizing
our advanced fuel cell systems for smaller, higher volume production UAVs will
help us broaden our access to other military and commercial markets."
- ENDS -
Enquiries
Protonex Technology CorporationTel: +1 508 490 9960
Scott Pearson, Chief Executive Officer
Margaret Dorsheimer, Director of Marketing
Redleaf Communications Limited Tel: +44 (0)20 7566 6700
Press and Investor Relationsprotonex@redleafpr.com
Samantha Robbins
Paul
Dulieu
Piper Jaffray Ltd. Tel: +44 (0)20 3142 8700
Nominated Adviser
Michael Covington
James Steel
Notes to Editors
About Protonex Technology Corporation
www.protonex.com
Protonex Technology Corporation develops and manufactures compact, lightweight
and high- performance fuel cell systems for portable power applications in the
100 to 1000-watt range. The Company's fuel cell systems are designed to meet the
needs of military, commercial and consumer customers for off-grid applications
underserved by existing technologies by providing customizable, stand-alone
portable power solutions and systems that may be hybridized with existing power
technologies. The Company is headquartered in Southborough, Massachusetts.
About AeroVironment, Inc. (AV)
www.avinc.com
Building on a history of technological innovation, AV designs, develops,
produces, and supports an advanced portfolio of Unmanned Aircraft Systems (UAS)
and efficient electric energy systems. Agencies of the U.S. Department of
Defense and allied military services use the company's hand-launched UAS to
provide situational awareness to tactical operating units through real-time,
airborne reconnaissance, surveillance, and target acquisition. Commercial and
government entities use AV's clean transportation solutions such as electric
vehicle test systems and electric vehicle fast charge systems, as well as its
clean energy solutions.
This announcement includes statements which are, or may be deemed to be,
"forward-looking statements". All statements other than statements of historical
facts included in this announcement, including, without limitation, those
regarding Protonex' financial position, business strategy, plans and objectives
of management for future operations (including development plans and objectives
relating to Protonex' products and services) are forward-looking statements. By
their nature, such forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause the actual results,
performance or achievements of Protonex to be materially different from future
results, performance or achievements expressed or implied by such
forward-looking statements. These factors include but are not limited to those
described in the Admission Document issued in connection with the Company's
admission to AIM.
Forward-looking statements may and often do differ materially from actual
results. Any forward-looking statements in this announcement speak only as at
the date of this announcement and are subject to risks relating to future events
and other risks, uncertainties and assumptions relation to Protonex' operations,
results of operations, growth strategy and liquidity.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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