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28 November 2008 - Acta, the Italy-based catalyst developer, has today signed its first major revenue earning contract with a leading global original equipment manufacturer ("OEM") and Sumitomo Corporation. This is a significant step for the AIM-listed firm and if the programme is successful, it is the present intention of all parties to move to subsequent commercialization of applications containing Acta catalysts.
Following extensive trials of Acta's HYPERMEC catalysts for both Alkaline Membrane Fuel Cells (AMFCs) and for ammonia electrolyzers, a major global OEM based in Asia has today entered into a three party development agreement for the further development and optimization of Acta's catalysts for use in a number of specified commercial applications.
Under the terms of the agreement, the OEM, Sumitomo Corporation and Acta will jointly fund specific development activities over an initial sixteen-month period, to be extended by mutual agreement. The contract will start on 1 December 2007, with a total contribution by Sumitomo and the OEM of €600 000 ($889 000) in the initial four months, Acta's contribution largely being provided in the form of facilities and management support.
Acta's catalysts can be used in fuel cells for portable electronic devices using practical fuels, in ammonia electrolyzers and to provide hydrogen fuel in fuel cell powered vehicles. Analysts point to the opportunities in the Asia Pacific automotive market as a positive factor for Acta's development.
Acta say that target applications and a route to market have been identified and the development programme will focus on accelerating the potential commercial launch of products containing Acta's innovative catalysts.
The OEM involved in the contract cannot currently be identified due to an agreement between the parties that this partnership should not be disclosed until technical qualification for at least one of the specified target end products has been achieved.
Paolo Bert, Chief Executive, commented, "We are delighted to announce our first revenue earning, commercial contract with one of the world's leading manufacturers and our partners Sumitomo Corporation. The contract has clearly identified commercial applications and an identified route to market. The contract marks the next big step for Acta towards the large scale commercialization of its HYPERMEC catalysts into potentially very significant markets."
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