CDTi Begins Shipments of SPGM DOC Technology to Panasonic Ecology Systems
January 19 2016 - 7:00AM
Enters large and growing Chinese heavy duty
retrofit marketAchieves milestone in commercialization of advanced
materials strategy
Clean Diesel Technologies, Inc. (Nasdaq:CDTI) (“CDTi” or “the
Company”) has begun supplying its new synergized-platinum group
metal (SPGM™) diesel oxidation catalyst (DOC) to Panasonic Ecology
Systems Co., Ltd. with an initial focus on the China heavy duty
retrofit market. Shipments are expected to grow throughout 2016.
Matthew Beale, CDTi’s Chief Executive Officer, stated: “With
shipments to Panasonic, we achieved an important milestone for the
Company in the commercialization of our advanced materials
strategy. With our current agreement, we expect to reach a low
single-digit million dollar annual revenue run rate by the end of
the year. Furthermore, this agreement demonstrates our ability to
take our technology platform currently used in the North American
heavy duty market and deploy it in OEM-caliber products worldwide.
We are working with Panasonic and others to explore additional
projects that integrate our powder technology into the
manufacturing process in multiple markets. The scope of our
solution is not specific to one vehicle model. As such, our work
with Panasonic gives us significant momentum as we pursue
opportunities to expand into the world’s largest heavy duty
markets, including China and India.”
As announced November 17, 2015, CDTi and Panasonic Ecology
Systems Co., Ltd., which manufactures and sells environmental
systems for the Panasonic Group, signed a supply agreement in which
Panasonic Ecology Systems will combine its proprietary diesel
particulate filter technology with CDTi’s SPGM DOC technology for
the heavy duty diesel market in China.
About CDTi
CDTi develops advanced materials technology for the emissions
control market. CDTi’s proprietary technologies provide high-value
sustainable solutions to reduce hazardous emissions, increase
energy efficiency and lower the carbon intensity of on- and
off-road combustion engine systems. With a continuing focus on
innovation-driven commercialization and global expansion, CDTi’s
breakthrough Powder-to-Coat (P2C™) technology exploits its
high-performance, advanced low-platinum group metal (PGM) emission
reduction catalysts. Key technology platforms include Mixed Phase
Catalyst (MPC®), Base Metal Activated Rhodium Support (BMARS™),
Synergized PGM (SPGM™), Zero PGM (ZPGM™) and Spinel™. 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 its
relationship with Panasonic Ecology Systems, including expected
sales and revenue as well as additional opportunities. 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) that the Company may not be able
to (a) meet expectations or projections, including anticipated
shipment timing and transition into supply of the Company's
proprietary SPGM DOC powder to Panasonic; (b) decrease costs; (c)
increase sales, including sales in China and India as a result of
its relationship with Panasonic; (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; (ii) funding
for and enforcement and tightening of emissions controls, standards
and regulations; (iii) prices of PGM and rare earth metals; (iv)
royalty and other restrictions on sales in certain Asian countries;
(v) supply disruptions or failures; (vi) regulatory, marketing and
competitive factors; (vii) environmental harm or damages; and
(viii) 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 Information:
Becky Herrick or Cathy MattisonLHA (IR Agency)+1
415 433 3777bherrick@lhai.comcmattison@lhai.com
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