Acta secures second stage development contract

Acta announced today the continuation of its development contract with a major Asian manufacturer and Sumitomo Corporation, into the second stage of the programme.

This confirmation follows the successful completion of the first phase of a project, in which all technical milestones and deadlines were met. Acta is encouraged that, despite a reduction in research and development expenditure by the customer. The Company believes that this continuation represents a strong validation of the commercial potential of Acta’s advanced catalyst technologies.

The second stage of the contract will commence immediately, and is scheduled to deliver revenues of approximately €500,000 over the next four months, in line with the Company’s expectations. The scope of work encompasses detailed characterisation of Acta’s unique catalyst technology, and the parties believe that the work being undertaken will benefit Acta’s products across several key applications.

As announced at the time of the interim results, Acta will continue to focus its development efforts on near-term revenue opportunities with major industrial partners, and to reduce non-core costs where possible. These cost reductions are not expected to impact the Company’s operational capability, and the continuation of the development programme will be managed from within the Company’s current technical resources.

Source: Fuel Cell Today