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Sumitomo Corporation Distribution Agreement

3 Mar 2010 07:00

RNS Number : 9756H
Acta S.p.A.
03 March 2010
 



Press Release

3 March 2010

 

Acta S.p.A.

 

("Acta" or "the Company")

 

Sumitomo Corporation Distribution Agreement

 

Acta, the provider of clean energy products and environmental catalysts, announces that the Company and Sumitomo Corporation, Acta's strategic partner and 10% shareholder, have agreed a new distribution arrangement for Acta's products. Whilst Sumitomo Corporation will continue as Distributor of Acta's catalyst products to the Japanese automotive and industrial sectors, the current exclusive distribution agreement for the broader Asian region was terminated by mutual consent on 2 March 2010.

 

The new arrangement will allow Acta to sell its hydrogen generators and related product range into the wider Asian market through alternative distribution channels, including direct sales.

 

This two-channel distribution strategy will assist Acta to coordinate the distribution network for its hydrogen generator product range by sector and application, without losing the valuable support of Sumitomo in relation to the distribution of advanced catalysts for large scale automotive and industrial applications. Sumitomo has confirmed that it will remain as a shareholder of Acta, and does not intend to reduce its shareholding in the Company from the current level.

 

Paolo Bert, Chief Executive, commented: "We continue to be grateful to our friends at Sumitomo Corporation for their guidance and support as our business grows. We are bringing new and unique products to the market, and this has required the development of distribution channels and agreements which will best support the success of these products. We will continue to rely on the assistance of Sumitomo to pursue our shared ambitions in the Japanese automotive sector, and we thank them for their continued support as our partner and largest external shareholder."

 

- ENDS-

 

For further information please contact:

 

Acta S.p.A:

Paul Barritt, Chief Financial Officer

www.acta-nanotech.com

 

Tel: +39 050 644281

www.actaenergy.it

 

Charles Stanley Securities (Nominated Adviser):

 

 

Russell Cook

Tel: +44 20 7149 6000

 

Media enquiries:

Abchurch Communications Limited

Justin Heath / Monique Tsang / Hannah Sharman

hannah.sharman@abchurch-group.com

 

Tel: +44 20 7398 7725

www.abchurch-group.com

 

Notes to Editors

 

Acta S.p.A. is a developer and manufacturer of a broad range of renewable energy and related products. Its product line includes a range of compact hydrogen generators as well as various portable, mobile and backup fuel cell devices that can make use of locally generated hydrogen in UPS, marine, automotive, electric cycling, scooter, camping and domestic applications. The Company's broader interests include a range of environmental catalysts and solar power projects.

 

Acta's cost-competitive products are based on its proprietary, inexpensive environmental catalyst and hydrogen conversion technologies. These products help overcome the barriers to the adoption of fuel cells, most notably the lack of a local hydrogen infrastructure.

 

Acta's low-cost hydrogen generators represent a unique breakthrough in electrolyser technology. They can operate using mains power or intermittent renewable energy, and produce clean, dry hydrogen already at pressure for use in fuel cell and other applications. This unique combination of features avoids the system complexity and energy cost of further cleaning, drying and compression of the hydrogen, resulting in a simple, compact, low-cost and highly efficient system that is ideally suited for energy conversion and storage applications. In such applications, which include battery replacement and renewable energy storage, low cost and high efficiency are critical to commercial viability, while hydrogen compression is essential for the energy density of the system. No other water electrolyser currently on the market offers this combination of benefits.

 

Acta is focusing on delivering its products to markets with high volume demand for high-value environmental solutions (transport, UPS, energy and leisure). It is accelerating the commercialisation of its products via partnerships with original equipment manufacturers (OEMs), distributors, and agents in these sectors, and intends to drive down production costs at high volume via contract manufacturing.

 

Acta is marketing its product range to early adopters through its energy products division, Acta Energy. This division's objective is to ensure, through facilitating the widespread adoption of commercial and domestic fuel cell products, that Acta's hydrogen generator becomes a familiar industrial and domestic appliance.

 

Acta S.p.A. was admitted to trading on AIM in October 2005. It is based near Pisa, Italy, from where it manages a growing overseas distributor network targeting a global fuel cell market estimated to be worth US$26 billion by 2020.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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