Acta, the clean energy products company, has signed a letter of intent with Horizon Fuel Cell Technologies for the evaluation, development and production of electrolyser systems incorporating Acta's hydrogen generating technology.
Under the terms of the commercial agreement, covered by the letter, Acta has sold an EL100 electrolyser to Horizon for evaluation purposes and will support Horizon's evaluation procedures through the sale of additional AES100 electrolyser stacks and other components.
These include the development of a smaller, low pressure, low cost hydrogen generator for portable fuel cell applications, which was recently completed by Acta.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
If the evaluation stage is successfully completed, Horizon intends to incorporate Acta's hydrogen generator stacks into its own electrolyser equipment for sale to its commercial fuel cell markets.
Paolo Bert, Chief Executive Officer of Acta, said: "This exciting opportunity represents the perfect channel for Acta to address the high volume market for small hydrogen generators for consumer fuel cell products.
"No other system on the market offers pure, pressurised hydrogen at a cost that is comparable with ours. Horizon is a world leader in the fuel cell market and as a result, the partnership will also increase Acta's reach into the back-up power systems market, where we see significant growth opportunities in the coming years."
The Acta share price rose 18.97% to 8.62p by 08:49.
NR
-
-
Act now: First Direct’s £175 switching bonus ending soon
First Direct has launched a £12,500 prize draw on top of its £175 cash bonus - but they both finish soon, so you’ll need to be quick
-
Credit card providers slash 0% balance transfer deals
Customers face a double whammy of rising interest rates and shorter 0% balance transfer periods. We look at what’s going on in the credit card market and why you’ll need to act fast to get the top 0% balance transfer deal
