Letter of Intent for Distribution Partnership for India
Acta S.p.A. (AIM: ACTA), the clean energy products company, is delighted to announce that it has signed a Letter of Intent with MVS Engineering Ltd (“MVS”), India’s largest supplier of industrial gas equipment and solutions, for the distribution of Acta’s electrolysers in India through MVS’s new business division, MVS Energy Solutions.
MVS specialises in on-site gas solutions for Nitrogen, Oxygen and Hydrogen. They have supplied Gas generation equipment to over 56 countries worldwide and have supplied their Air and Gas equipment to more than 60% of the top 1,000 companies in India.
MVS is forming a new division called MVS Energy Solutions (“MVS Energy”) to address the growing need in the Indian market for back-up power solutions. Acta and MVS Energy intend to sign a distribution contract early in 2013, once local administrative procedures have been completed, for the distribution of Acta’s electrolysers and related products into the Indian market. The objective of the partnership is to allow the introduction of on-grid and off-grid integrated fuel cell back-up power solutions based on on-site hydrogen generation.
India is one of the world’s largest markets for back-up power systems, including the telecoms market, due to the limited and fragile nature of the electricity grid. India currently has more than 370,000 telecom base stations (Source: Analysys Mason).
Paolo Bert, Chief Executive of Acta commented: “This is another important step forward for Acta’s mission to introduce cost-effective on-site hydrogen solutions for back-up power, renewable energy and other fuel cell applications. We are delighted to be working with MVS Energy Solutions and to be able to benefit from their technical credibility, production experience and market reach.”
Siddharth Rastogi, Executive Director of MVS commented: “We look forward to working with Acta for distribution of electrolysers based on their innovative stack technology and we see great opportunities in the Indian back-up power market. MVS Energy Solutions has been formed to offer complete end-to-end solutions for Hydrogen-centric backup power and Acta’s innovative and low-cost Hydrogen generators range will be a core component at the heart of our solutions.”