Trading update (8788X)
December 14 2010 - 2:00AM
UK Regulatory
TIDMCAP
RNS Number : 8788X
Clean Air Power Limited
14 December 2010
For immediate release 14 December 2010
Clean Air Power Ltd
("Clean Air Power" or "the Company")
Trading update
Clean Air Power (AIM: CAP), the developer of Dual-Fuel(TM)
combustion technology that enables heavy-duty diesel engines to
operate on a combination of diesel and natural gas, has today
provided an update to recent trading and the prospects for
2011.
As reported previously the delay of a new gas facility in
Tasmania has resulted in a backlog in the delivery of units into
the Australian market. The LNG liquefaction plant is not yet fully
operational but the Company is beginning a roll out of products
into the Australian market. However, this will come too late in the
current year to have any significant impact on sales, but the
Company is confident that prospects for 2011 in this area are very
promising.
The agreement between the Company and Volvo which was announced
in July is progressing to plan with operational trial vehicles now
entering the market prior to start of production of the Volvo
factory product in 2011.
As previously mentioned, good progress is being witnessed with
Navistar, Inc. The objectives for the first phase of development
have been achieved and discussions are underway with regard to
phase 2 of the programme.
Both the Components and Emissions business units are performing
to plan and continue to generate cash for the business. Revenue
from the Company's retro fit Dual-Fuel(TM) sales has been
significantly lower than expected due to the focus on the OEM
interfaced product with Volvo.
As a direct consequence of the above factors, the Company
anticipates that revenues for the year to 31 December 2010 will be
significantly below current market expectations. The Board remains
positive about the prospects for the Company in 2011 and, as
indicated previously, expects many of the sales which have not come
through in the current year to be recognised in 2011. While cash
generation in 2010 has been lower than previously anticipated due
to the slippage of revenue realisation, following the GBP2.25m fund
raising which was successfully closed in September, the Company is
well capitalised and continues to pursue opportunities in a number
of areas of interest. The Board remains confident of the Company's
outlook and looks forward to building upon the solid progress that
has been made this year.
For further information:-
Clean Air Power Ltd 01772 624499
John Pettitt
Peter Rowse
Charles Stanley Securities 020 7149 6000
Nominated Adviser and Broker
Russell Cook / Carl Holmes
Buchanan Communications 020 7466 5000
Charles Ryland / Ben Romney
Notes to Editors
About Clean Air Power
Clean Air Power is the developer and provider of Dual-Fuel(TM)
combustion technology for heavy duty diesel engines. Dual-Fuel(TM)
engines substantially cut fuel costs and carbon emissions without
sacrificing the original engine's characteristic efficiency or
reliability. Clean Air Power is well positioned to assist
corporations and governments to deliver on their environmental
commitments while at the same time reducing transport operators
overheads.
Further information on Clean Air Power is available at
www.cleanairpower.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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