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Acta to seek additional funding
Monday, 16th January 2012
Clean energy products group Acta will seeks additional funds to finance the working capital requirements for its current commercial expansion.Acta says it has seen continued success and commercial validation in the applications of its innovative hydrogen generator products and electrolyser stacks.
And it says that in addition to the previously disclosed agreements, it has seen an increasing number of commercial enquiries and orders across its product range.
It adds: "The recent acceleration in product commercialisation clearly demonstrates the commercial viability of the company's products and its growth prospects."
The company announced in September that is has been seeking to finance the growth of its production activities through its current banking relationships as well as through the disposal of its remaining portfolio of photovoltaic consents and the collection of grant receipts and working capital receipts due on the completion of EPC photovoltaic installation contracts.
But is says: "Having made a careful review of the financial resources available to it from these sources, the board has determined that the level of capital currently available will not be sufficient to finance the company through to full profitability and cash breakeven, and has therefore decided to seek additional funds through alternative sources to finance the working capital requirements of the company's current commercial expansion.
"The level and form of this financing has not yet been fully decided but there is a likelihood that there will be a requirement to raise additional equity."
At 9:32am: (LON:ACTA) share price was -0.88p at 6.75p
Story provided by StockMarketWire.com
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