Transaction Details

December 1, 2012
Manchester

Sector

Energy

Deal Type

Equity

Deal Value

N/D

Deal Team

Adrian Reed

Institutional fundraising to finance working capital requirements of expansion. GCA Altium has acted as NOMAD to Acta on multiple placings and institutional fundraisings over the last two years.

Acta S.p.A. is an AIM-listed Italian company formed to exploit its proprietary fuel cell technology and has developed a range of patented, platinum-free catalysts which perform better in fuel cells and electrolysers at a significantly lower cost than the conventional platinum and platinum group metal (PGM)-based catalysts.

In January 2013 GCA Altium advised Acta on an institutional placing, to finance the working capital requirements of the Company's commercial expansion. In the months preceeding the fundraise the Company had announced a number of commercial milestones and had seen consistent month on month growth in orders and enquiries.

In March 2012, Acta raised sufficient capital to finance commercial and production activities in response to increased demand from existing customers and new commerical partners.

In February 2011, GCA Altium brokered the sale of Sumitomo Corporation's entire stake in Acta, which totalled approximately 10% of issued share capital. Sumitomo's exit meant the termination of an exclusive distribution agreement between the two companies, allowing Acta to sell its hydrogen generators and related product range into the wider Asian market through alternative distribution channels, including direct sales. In July 2010, following GCA Altium's appointment as NOMAD and broker to Acta, GCA Altium led a Placing to institutional investors to finance the cash element of the acquisition of certain agreements, applications and authorisations for the installation of PV plants from Sun Global Service S.r.l., an engineering consultancy with which Acta developed its Italian PV consent pipeline.

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