CDTi Secures First Major Fleet Customer for DuraFit(TM)
May 11 2015 - 8:30AM
Clean Diesel Technologies, Inc. (Nasdaq:CDTI) ("CDTi" or the
"Company"), a leader in advanced emission control solutions, will
be a supplier of DuraFit™, its new line of original equipment
manufacturer (OEM) replacement diesel particulate filters (DPFs),
to the New York City Department of Sanitation (DSNY) fleet. The
DSNY operates the largest municipal-owned sanitation fleet in the
world consisting of approximately 3,000 vehicles including refuse
collection trucks and mechanical street sweepers. Mondial
Automotive, a regional distributor for CDTi, will supply DuraFit
products to the DSNY fleet.
"This important fleet win with the DSNY demonstrates the growing
distribution reach of DuraFit, which addresses the $300 million
plus replacement filter market," stated Chris Harris, CDTi's
President and CEO. "DuraFit is an important growth driver in our
Heavy Duty Diesel Systems division. We are excited the DSNY
selected DuraFit to provide exceptional durability and service
life, as well as filtration performance that either meets or
exceeds the requirements of increasingly stringent environmental
regulations."
Rocco DiRico, Deputy Commissioner with DSNY said, "This product
has and will continue to be put to the test under the extreme
operating conditions faced by the New York City Sanitation
Fleet."
"CDTi offers replacement DPFs for all major Class 5 to Class 8
OEM applications," Showky Kaldawy, President of Mondial Automotive,
said. "To be successful, our customers require dependability,
uptime and extended service life of their diesel equipment. We are
confident DuraFit will meet these demands for the DSNY fleet."
DuraFit™
Designed and manufactured in North America, DuraFit DPFs are
exact-fit OEM replacements that meet or exceed OEM emissions
requirements and are backed by an industry-leading two-year,
unlimited mileage warranty. DuraFit DPFs address a growing
opportunity in the heavy duty aftermarket to replace original
equipment DPF units. According to market analysis firm Power System
Research, North American OEMs have produced an average of 250,000
heavy duty on-road diesel vehicles equipped with DPFs each year
since 2007 to comply with Environmental Protection Agency
requirements. The typical OEM warranty on DPFs is five years and
has expired for many of these vehicles with more continuing to
expire in the coming years. As 2007 and newer DPFs from OEMs fail
and require replacement, aftermarket DPFs are needed as
replacements. According to a 2012 industry report, the market for
medium and heavy duty vehicle after-treatment maintenance and
repair is projected to grow from $0.5 billion in 2010 to $3.0
billion by 2017.
About CDTi
CDTi manufactures and distributes vehicle emissions control
products that leverage its advanced materials technology. CDTi
utilizes its proprietary patented Mixed Phase Catalyst (MPC®)
technology and other related technologies to provide high-value
sustainable solutions to reduce emissions, increase energy
efficiency and lower the carbon intensity of on- and off-road
combustion engine systems. Reflecting its continued focus on
innovation, CDTi is developing and commercializing proprietary
advanced low-platinum group metal (PGM) catalysts including
synergized-PGM (SPGM™), as well as zero-PGM (ZPGM™) catalysts. CDTi
is headquartered in Oxnard, California and has operations in the
U.K., Canada, France, Japan and Sweden. For more information,
please visit www.cdti.com.
Forward-Looking Statements
Certain information contained in this press release constitutes
forward-looking statements, including any statements that are not
statements of historical fact. You can identify these
forward-looking statements by the use of the words "believes",
"expects", "anticipates", "plans", "may", "will", "would",
"intends", "estimates", and other similar expressions, whether in
the negative or affirmative. Forward-looking statements are based
on a series of expectations, assumptions, estimates and projections
which involve substantial uncertainty and risk. In this document,
the Company includes forward-looking statements regarding future
supply of DuraFit™ to the DSNY, supply to DSNY fleet through
Mondial Automotive, the potential market for replacement filters,
growth drivers, anticipated benefits of products and technologies,
confidence of CDTi in DuraFit meeting DSNY's demands, market and
growth opportunities, anticipated expirations of DPF warranties,
and the future need for replacement DPFs. In general, actual
results may differ materially from those indicated by such
forward-looking statements as a result of risks and uncertainties,
including, but not limited, to (i) future disruptions or issues
regarding CDTi's relationship with DSNY; (ii) changing market
conditions; (iii) that the Company may not be able to (a) meet
expectations or projections; (b) decrease costs; (c) increase
sales; (d) obtain adequate funding; (e) retain or secure customers;
(f) increase its customer base; (g) protect its intellectual
property; (h) successfully evolve into an advanced materials
supplier or, even if successful, increase profitability; (i)
successfully market new products; (j) obtain product verifications
or approvals; (k) attract or retain key personnel; or (l) realize
benefits from investments; (iv) funding for and enforcement and
tightening of emissions controls, standards and regulations; (v)
prices of PGM and rare earth metals; (vi) royalty and other
restrictions on sales in certain Asian countries; (vii) supply
disruptions or failures; (viii) regulatory, marketing and
competitive factors; (ix) environmental harm or damages; and (x)
other risks and uncertainties discussed or referenced in the
Company's filings with the Securities and Exchange Commission,
including its most recent Annual Report on Form 10-K. In addition,
any forward-looking statements represent the Company's estimates
only as of the date of such statements and should not be relied
upon as representing the Company's estimates as of any subsequent
date. The Company specifically disclaims any obligation to update
forward-looking statements. All forward-looking statements in this
press release are qualified in their entirety by this cautionary
statement.
CONTACT: Becky Herrick or Cathy Mattison
LHA (IR Agency)
+1 415 433 3777
bherrick@lhai.com
cmattison@lhai.com
CDTI Advanced Materials (PK) (USOTC:CDTI)
Historical Stock Chart
From May 2024 to Jun 2024
CDTI Advanced Materials (PK) (USOTC:CDTI)
Historical Stock Chart
From Jun 2023 to Jun 2024