Proton Energy to Receive $1.5 Million from CCEF

November 19, 2001 by Jeff Shepard

Proton Energy Systems Inc. (Rocky Hill, CT) announced that it has signed an agreement with the Connecticut Clean Energy Fund (CCEF) providing $1.5 million to accelerate commercial deployment of its UNIGEN fuel cell product family.

CCEF's funding is for initial commercial product and market development of breakthrough power quality and energy-storage products incorporating Proton's hydrogen-generation technology. Funds will be provided by CCEF on terms where Proton will repay CCEF from profits as the products achieve commercial success.

"Connecticut is the fuel cell capital of the world," stated Arthur Diedrick, chairman of development for the Office of the Governor of the State of Connecticut and chairman of CCEF's Advisory Board. "Proton has demonstrated impressive technical and business progress in becoming a leader in fuel-cell-related technology, and we are committed to their continued success."

Proton's President and CEO Walter Schroeder, said, "We thank the State of Connecticut for its support. This funding comes just as we are calibrating our research and development plans for next year and beyond. Financial support from the state, in the form it is being provided, helps us keep our technology and product development efforts moving forward at an aggressive pace. We are bringing important new technology to one of the most basic challenges facing this country - utilizing our electricity system more efficiently and reducing our dependence on imported oil."