Acta Releases Business Update

Acta today provides the following business update prior to entering its interim close period. The results for the six months ended 30 June 2008 will be announced on 24 September 2008.

Commercial and Operational Progress

Acta has seen encouraging progress in all of its markets. The development contract
for its major Asian customer announced on 28 November 2007 delivered all milestones on time,
and the catalysts that were developed under this contract have been translated through the
production department and are being launched this month. Recent negotiations for the next
contract phase have been very encouraging.

Commercial traction with other potential customers across Europe and the US has accelerated
sharply and discussions are underway with a number of them with a view to deeper commercial
collaboration in the second half. This includes significant progress in Acta’s market applications
of water electrolysis and ammonia waste treatment.

Acta is also seeing strong interest in alkaline fuel cells and is supplying catalysts to most of the
major players in this space, and has signed collaboration agreements with Tokuyama
Corporation and CMR Fuel Cells plc in order to increase activity in portable fuel cell applications.

Technical Progress

Technical progress continues to be made in all markets. Acta has developed catalysts
for ammonia reforming, ammonia electrolysis, water electrolysis, and fuel cells – all of which
have passed extensive production tests for reproducibility and scalability. Patents have
additionally been filed for Acta’s disposable fuel cell technology and an improved waterproof
cathode has demonstrated greatly improved durability under load.

Financial Progress

Development contract income in the first half contributed to a substantial increase in revenues
compared to first half 2007. Costs have increased in line with expectations. The completion of
the capital increase from Sumitomo Corporation has provided the company with cash into mid-
2010.

Source: Fuel Cell Today