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Platinum-free catalyst developer Acta (ACTA:AIM) has added another large Japanese corporation, membrane manufacturer Tokuyama, to its portfolio of partners. The two companies have agreed to snuggle up and coordinate development activities, through a relationship that house broker Numis says ‘will be helpful for Acta in converting some of its early stage ventures in the portable electronics arena into larger scale contracts’.

Chief operating officer Toby Woolrych says: ‘Membranes are an important part of the equation, and we will be working with the company that invented this field of technology’. The news comes as Acta announced a leap in full-year revenues, from €72,000 at the end of 2006 to €600,000 at the end of last year.

The loss before tax came in 14% higher at €5.5 million, reflecting some one offs, but cash in the bank was higher than expected at €7.9 million, ahead of Numis’ €6.3m forecast, and should sustain the company throughout 2010 when it expects to break even.

In 2008 Acta is likely to announce its entrance in new markets like biofuels and waste treatment, where its hydrogen and ammonia technologies could be exploited. However, the freshest of Acta’s ambitions is to break into the the wind and solar markets. Wind and solar applications often don’t provide enough power stability to grids and Acta’s hydrogen expertise could be used to develop power storage technologies.

Since September Acta’s share price has dropped 55% to 46p, in spite of the company inking major deals, including a £4.6 million investment from Sumitomo and a development contract with an unnamed OEM for its ammonia reformer technology. Numis speculates this OEM could be an automotive giant like Honda, Toyota, Nissan or Hyundai and become a key customer in the future.

However, the broker has trimmed slightly its revenue and EBITDA forecasts for the current year due to the ‘complexity of dealing with major OEMs’, and factoring in lower risk appetite in the market, the target price has been reduced from 100p to 65p.

Shares says: Steady and fast progress, and appears well funded. Sit tight for further commercial newsflow.