DATELINE: SOUTHBOROUGH, MA; April 5, 2005...Protonex Technology Corporation, a manufacturer of
high-performance fuel cell power systems for portable and remote applications, announced that it has raised $9
million in a second round of institutional funding. The financing was led by existing investors Conduit Ventures
Ltd., SAS Investors, Solstice Capital and Commons Capital. New investors are Parker Hannifin Corporation,
Contango Capital Management and the Massachusetts Green Energy Fund.
Scott Pearson, CEO, Protonex, states that the funds will be used to further develop Protonex's patent-pending
fuel cell technology, to commercialize and launch products, and to expand the company's operations. "The high
level of interest we received from venture capital funds and industry leaders is very gratifying because it
provides strong evidence of our market leadership. Protonex has demonstrated fuel cell prototype systems and
is focused on creating high-value products for specific applications. The addition of a world-class
manufacturing partner, Parker Hannifin, further strengthens our position and will enable us to achieve
economies of scale in a much shorter period of time."
Protonex's high performance portable fuel cell systems are compact, lightweight and durable, and provide
customers with a better solution than shorter term and/or heavier power sources such as batteries and generators.
A soldier on a 3-day mission, for example, currently carries 13 primary batteries weighing over 29 pounds,
whereas Protonex's fuel cell system will provide the same amount of power while weighing less than 10 pounds
(including all required fuel). In addition to its military efforts, Protonex also intends to adapt its product line to
address a wide range of commercial applications.
Parker Hannifin Corporation sees its financial investment in Protonex as a natural extension of the existing
strategic partnership between the companies. According to Akbar Naderi, Group Vice President, Parker
Hannifin, "Parker has been successfully working with Protonex on joint product development, engineering,
design, manufacturing and sales initiatives related to fuel cell products. Together, Parker and Protonex helped
Vectrix Corporation deliver the world's first high-performance fuel cell/electric scooter and are actively engaged
in developing other products. We look forward to leveraging the strong synergies between Protonex's fuel cell
systems and Parker's industry-leading component design and manufacturing technologies."
John Butt, Managing Partner, Conduit Ventures added, "As a worldwide fund specifically focused on fuel cells,
we understand this market, and it is clear to us that Protonex is well ahead of competition in its power range.
Conduit and our fellow investors feel that this funding, combined with the company's strong military traction,
positions Protonex for long-term success."
About Protonex Technology Corporation
www.protonex.com
Established in 2000, Protonex manufactures high performance, long duration, portable and remote power
ystems. Protonex provides complete power solutions in the 10 to 500 Watt power range to OEM customers for
off-grid applications underserved by existing battery, generator, solar and other power technologies. The
company's innovative fuel cell products also complement existing power technologies and are utilized in hybrid
designs for customer applications.
About Parker Hannifin Corporation
www.parker.com
With annual sales exceeding $7 billion, Parker Hannifin (NYSE: PH) is the world's leading diversified
manufacturer of motion and control technologies and systems, providing precision-engineered solutions for a
wide variety of commercial, mobile, industrial and aerospace markets. The company employs more than 48,000
people in 46 countries around the world.
For more information about Protonex, please contact:
Greg Cipriano,
Vice President, Marketing and Military Development
Protonex Technology Corporation,
153 Northboro Road,
Southborough,
MA 01772-1034
Phone: (508) 490-9960
Fax: (508) 490-8575
Email: info@protonex.com
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MEDIA CONTACT
Lisa A. Maini, Marketing Manager
(617) 642-7070
lisa.maini@protonex.com
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