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London microcap Protonex boosted by partnership with Cummins Inc

|Includes:Cummins Inc. (CMI)

Protonex Technology Corp (AIM:PTX & AIM:PTXU) has announced a new partnership with Cummins Inc (NYSE:CMI), the collaboration has been well received by investors with Protonex shares gaining almost 8% following this mornings announcement.

The agreement sees Protonex team up with Cummins Onan, Cummins Inc’s generator and fuel cell division, to enhance the development and promotion of the ‘Protonex Fuel Cell System’ in its application to the Recreational Vehicle (RV) markets.

Protonex and Cummins Onan plan to jointly conduct rigorous field testing of the Protonex M250-B fuel cell power system within RVs and Cummins will provide Protonex with selected marketing assistance at trade shows and other related events. The resulting testing, certification and promotional efforts are expected to facilitate the delivery of Protonex fuel cell power solutions to the RV market.  

Additionally, Cummins Onan is in the process of becoming a certified installer of Protonex fuel cell systems developed for RVs.

Cummins Onan predominantly provide gas and diesel powered generators, their branded products are used in recreational vehicle, marine, commercial mobile, residential standby and portable applications. However following a series of Research and development subsidies from the US Department of Energy beginning in 2001, Cummins Onan has been actively developing its fuel cell research.

Protonex CEO, Scott Pearson emphasised the collaboration’s potential to broaden the accessibility of the Protonex Fuel Cell System;

“Teaming with the global industry leader in commercial mobile power generation will have a significant impact on our ability to reach the RV market and will enable us to broaden the accessibility of fuel cell power solutions to consumers and the commercial mobile market.”

Stocks: CMI