Edison Investment Research

Protonex Technology

Company overview

PTX develops and manufactures compact, lightweight, high-performance fuel cell systems for portable power applications between 50W to 1,000W, using PEM and SOFC technologies.

Date	Reports available	Download
Nov 19 2008	Throwing the switch In line with its long-term strategy, Protonex is moving from the development phase to commercialisation in 2009. Overall Protonex is hitting its targets and 2009 should be a pivotal year for the company, with its first product releases providing clarity to potential value in its fuel cell products. Military projects will continue, with ongoing development work and the introduction of initial products in late 2009. The speed with which Protonex can build volume sales, reduce unit costs and win supply agreements will be key to share price performance. Research type: Review - Trading update	Log in to download 8 page note available
Jun 26 2008	Moving to commercial A steady cash burn and host of new contract wins show continued progress at the interim. H2 should complete the set-up period ahead of commercial product roll-out. Valuation uncertainty should diminish as this progresses in 2009. Research type: Review - Interim results	Log in to download 8 page note available
Apr 28 2008	Important contract wins This year’s contribution of at least $3m revenue from the $5.6m of contracts announced in the last week goes a long way to filling the year’s planned revenue. We are encouraged to see Protonex continuing to win military development funding, which should also help bring its commercial products to market more quickly. Total orders won now amount to $35m. Research type: Update - Contract win	Log in to download 3 page note available
Jan 15 2008	Production preparations 2008 looks to be a year of preparations ahead of first product deliveries towards year end. With strong cash balances and a steady increase in funded development work, it has the resources to achieve this. Protonex remains more advanced than many in the UK fuel cell sector, and we await more contract newsflow during the year. Research type: Review - Full year results	Log in to download 8 page note available
Nov 05 2007	Unrestricted shares trade Steps to make the shares more liquid by establishing an unrestricted share class are welcome from this US domicile business. Protonex offers exposure to the fuel cell industry through its range of predominantly military product applications. Research type: Update - New class of shares	Log in to download 2 page note available
Jun 26 2007	Significant progress Protonex’ first-half results illustrate that the company continues to execute on its strategy of constructing reliable, high-performance portable fuel cells. We believe that the portable power market, both military and civilian, will be the first major commercial opportunity for fuel cells. In this market, fuel cells demonstrate multiple advantages over battery and generator technologies. Research type: Quarterly Update - First half results	Log in to download 4 page note available
Jun 11 2007	Reliable & affordable Protonex has demonstrated that it can manufacture reliable, high-performance fuel cells for the portable power market. Through its patented methods of design and manufacture, the company is able to significantly reduce manufacturing costs and potentially make them commercially affordable to the mass market. We believe the portable power market represents the first major market opportunity for fuel cells. Research type: Outlook - Initiation of coverage	Log in to download 12 page note available

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Edison's research ... is balanced, objective and provides a level of detail not normally associated with smaller companies.

Peter Knowles
Director, Fyshe Horton Finney