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Proton Motor Power Systems PLC on Wednesday said it intends to delist from AIM and wind down its operations by the end of 2024.
Shares in Proton Motor Power Systems were down 72% at 0.12 pence each in London on Wednesday afternoon.
The designer and producer of hydrogen fuel cells and hydrogen fuel cell electric hybrid systems said funding discussions with a Germany-based potential industrial partner have now been terminated.
The company had been warning of the risk to its working capital requirements since the end of August this year.
If successful, the funding would have allowed the company to trade beyond the end of 2024.
As a result, following an ‘extensive review’ on the likelihood of securing other sources of finance, Proton Motor Powers has concluded ‘the most appropriate course of action is to continue with the orderly wind down of the business’.
As of June 30, Proton Motor Power Systems had net liabilities of around £116 million.
The company said: ‘There can therefore be no guarantee that the company will be capable of a solvent winding up, nor of the possible returns to shareholders, if any, in that circumstance.’
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