Navistar/Development Milestone & Payment Received (3963A)
March 30 2012 - 2:00AM
UK Regulatory
TIDMCAP
RNS Number : 3963A
Clean Air Power Limited
30 March 2012
For immediate release 30 March 2012
Clean Air Power Ltd
("Clean Air Power" or "the Company")
Navistar update
Development Milestone Achieved and Payment Received
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, is pleased to
announce that Navistar Inc. has paid Clean Air Power $1.3 Million
USD for the work performed during the Concept Readiness phase of a
natural gas development project.
Clean Air Power and Navistar have been working together since
2010 and following the good progress that has already been made,
are now working toward an agreement to develop a production version
of the International ProStar Class 8 truck using a MaxxForce(R) 13
Dual-Fuel(TM) engine.
Commenting on this movement, Clean Air Power's CEO, John
Pettitt, said: " We are pleased that progress is being made towards
a possible future program and that Clean Air Power's costs,
incurred in the Concept Phase, have been reimbursed by
Navistar"
Ken Lucas, General Manager, Alternative Fuels Business at
Navistar added: "Navistar is excited about this technology and we
believe that a Dual-Fuel(TM) MaxxForce(R) 13 is the key to major
adoption of heavy-duty natural gas vehicles in the US."
For further information please contact:
Clean Air Power Tel: +44 (0)1772 624 499
John Pettitt, Chief Executive
Peter Rowse, Group Finance Director
Buchanan Tel: +44 (0)20 7466 5000
Charles Ryland
Clare Akhurst
Seymour Pierce Tel: +44 (0)20 7107 8000
Freddy Crossley/
Mark Percy
David Banks (Corporate Broking)
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.
About Navistar, Inc
Navistar International Corporation (NYSE: NAV) is a holding
company whose subsidiaries and affiliates produce International(R)
brand commercial and military trucks, MaxxForce(R) brand diesel
engines, IC Bus(TM) brand school and commercial buses, Monaco(R) RV
brands of recreational vehicles, and Workhorse(R) brand chassis for
motor homes and step vans. The company also provides truck and
diesel engine service parts. Another affiliate offers financing
services. Additional information is available at
www.navistar.com/
This information is provided by RNS
The company news service from the London Stock Exchange
END
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