Woolrych was speaking to AFX News after the AIM-listed developer of catalysts posted a first half operating loss that widened to 2.3 mln eur from 1.4 mln eur in the same period last year.

The continuing loss reflected investment in technical activities and recruitment, but the company said it expects to remain within budget for the year as a whole.

Acta also anticipates the strategic importance of fuel cell development will ensure grant revenue streams to offset costs rising faster than sales.

It is also confident that commercial success will reduce dependence on research grants for reliable revenues.

'We are still looking at grant applications but we won't become grant junkies', Woolrych added.

First half revenues rose to 14,000 eur from 1,000 eur and the company reported 28 new customers, bringing the total to 34.

Progress in developing ethanol-based fuel cell technology catalysts is continuing according to plan, the company said, adding that it expects its core technology to be subject to a patent grant.

Acta said it expects to file several new patent applications in the coming months, adding to the two filed during the reporting period.