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Acta

  • BY: Andrew Hore |
  • POSTED: 02/06/2010 |

Catalysts developer and clean technology Acta has secured a €32.2m contract to install photovoltaic park capacity in Italy.

The news led to a 12.75p jump in the Acta share price to 46.5p, which values the company at £19.1m. On 25 March, chairman Robert Drummond and his wife bought 160,000 shares at 17p each.

Solar is a fast-growing market in Italy. The framework agreement covers 10.6MW of capacity supplied to SPF Energy. It could be increased to 14MW. The installation will be handled by a joint venture with Fedi Impiant called SolGen, which has received an advance payment of €1.3m. A total of €5m should be received by early July. Work valued at €30m should be completed in 2010.

This deal transforms Acta from a research company into a commercial business. Revenues were €400,000 in 2009. They are forecast to increase to €20.5m in 2010. Acta will still lose money in 2010 but it should move into profit in the second half of 2010 and make a profit in 2011.

Net cash was €2.03m at the end of 2009. There was a cash outflow of €3.48m in 2009 but the latest contract will help to generate cash to cover research costs. In April, Acta announced that it had received a €780,000 grant for the development of a system to link Acta’s hydrogen fuel cell system to a microgeneration wind turbine.

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