Acta climbs on extra grant money

Acta, an Italian clean energy company listed on AIM, says it will receive more grant money than originally thought.

In an announcement today the firm claims a European Union grant programme called LIFE+ will now pay out €450,000 rather than €330,000 as previously indicated. Total grant income during the year will now be €823,000 with a further €860,000 expected in 2012.

Acta's main focus is on "electrolysers", which make the hydrogen that can be used in fuel cells. This kind of energy storage technology is seen as an important part of providing clean power. An example might be the energy produced by wind turbines during high winds; using an electrolyser and a fuel cell that energy can be stored and then used when winds are less powerful.

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Acta, which is based in Pisa, saw its shares rise 18% by 10:35AM to 10.2p. In the year to date the company's stock is down 83%.

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