10 Jun 2008 07:00
10 June 2008
Acta S.p.A.
Acta, the AIM-listed catalyst developer, will today hold its Annual General Meeting in Italy, at which the Chairman will make the following statement:
"I am pleased to report that Acta continued to make good progress in the first five months of the year, and is on track to achieve its targets. Commercial developments in Acta's target markets are expected during the second half of 2008. New catalysts with improved performance are entering customer trials. Cash outflow in the year to date has been well managed and is in line with expectations for the year.
Commercial and Operational Progress
Revenues in the first five months of the year have been well ahead of the same period for 2007. These revenues include contract income from the development agreement signed with Sumitomo in November 2007 as well as sales of catalysts, electrodes and demonstrators for ammonia electrolysis, fuel cells and for zinc air batteries. Progress in the bio-fuel market has slowed due to deteriorating market conditions for our customers, but has accelerated sharply in the fast growing area of renewable energy storage with numerous opportunities for platinum free catalysts for water electrolysers and fuel cells being actively developed.
Trials for the industrial use of our ammonia electrolyser catalyst in waste treatment have also proceeded well and we are confident of further customer engagement for this application.
Technical Progress
Good technical progress has continued in the first five months of the year. Three catalysts developed with the support of the development agreement with our Asian customer will be launched on time at the end of the second quarter. Further new catalysts will be launched and sampled by customers in the third quarter, opening up new commercial opportunities and cementing Acta's position as a leader in its chosen fields. Two patent applications, for disposable fuel cells and for Acta's latest cathode catalyst, have been filed since January.
Financial Review
Higher revenues, tight cost control, and the receipt of grant monies relating to our new FP7 grant have all contributed to a good start to the year for the company.
Outlook
The outlook for the remainder of 2008 is positive and high oil prices continue to emphasise the need for alternative energy sources. Commercial discussions with some significant customers are underway, and we are confident that we can announce these developments during the second half of 2008. Acta also expects to deliver a number of important technical advances and corresponding patent applications in the second half.
For further information, please contact:
Acta S.p.A:
Toby Woolrych, Chief Operating Officer Tel: +44 (0) 20 7360 4900
Smithfield Consultants:
George Hudson / Katie Hunt / Will Henderson Tel: +44 (0) 20 7360 4900
Numis:
David Poutney / Jag Mundi / Alex Ham Tel: +44 (0) 20 7260 1000
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Acta S.p.A.
Acta develops and manufactures unique patented catalysts which have been launched initially to the renewable energy, automotive and portable electronics/battery markets.
Acta's catalyst range for alkaline membrane fuel cells allows fuel cell developers to stop using expensive platinum so that fuel cells can be made commercially viable for mass adoption, particularly in automotive and portable electronics applications. Adoption of HYPERMEC catalysts greatly reduces the cost of fuel cells and additionally allows for the first time the use of a wide range of safe liquid bio-fuels such as ethanol and glycerol.
Acta's catalysts for ammonia decomposition into hydrogen offer the automotive industry access to a practical hydrogen carrier for the first time. The catalysts extract hydrogen from ammonia at room temperature, allowing ammonia, one of the most widely used chemicals in the world, to become a fuel for automotive use, solving the problem of hydrogen storage and transportation.
Simple passive alkaline membrane fuel cells can act as a high performance and environmentally friendly alternative to lead acid and alkaline batteries at a commercially acceptable price.
Acta is also developing other commercial opportunities using its catalysts for waste treatment in the bio-fuel, polymer and other industries.