Proton Power Systems is the parent company of Proton Motor Fuel Cell GmbH, a leading, independent fuel cell system developer, based in Germany. Prior to its acquisition by the company, Proton Motor had historically secured external funding from Volvo Technology Transfer AB and other German institutional and private investors. These funds facilitated the undertaking of several pilot projects and, to date, over 100 fuel cell modules have been built. During early 2006, Proton Motor’s ongoing commercial operations required further capital and Proton Power Systems was formed in February 2006 as a vehicle to facilitate interim funding. Proton Power Systems subsequently acquired Proton Motor in a share for share exchange in April and May 2006.