Update on Sainsbury's and Navistar (4485F)
June 15 2012 - 2:00AM
UK Regulatory
TIDMCAP
RNS Number : 4485F
Clean Air Power Limited
15 June 2012
For Immediate Release 15 June 2012
Clean Air Power Ltd
("Clean Air Power" or "the Company")
Update on Sainsbury's and Navistar
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 they have received an additional order from
Sainsbury's, a major UK supermarket. The new order is for an
additional 25 units of Clean Air Power's Genesis EDGE Dual-Fuel(TM)
retrofit system which will be in service by early Q4, 2012.
This latest order will see Sainsbury's expand their fleet of
Dual-Fuel(TM) trucks to 50, 49 of which will be commissioned this
year demonstrating their continuing confidence in Clean Air Power's
Genesis EDGE Dual-Fuel(TM) system.
The trucks will operate using bio-methane gas which has been
produced from landfill waste, helping to reduce CO(2) emissions and
fuel costs in comparison with conventional diesel vehicles.
So far, during the current year to 31 December 2012, the Company
has had a total of 170 orders for both the Genesis system and
European OEM product. This compares to a total of 70 systems orders
during the whole of 2011.
US Market
Clean Air Power is continuing discussions with US OEMs about a
product for the US market. While there is significant market demand
and has been publicly expressed appetite for a Dual-Fuel product
with Clean Air Power the discussions with OEMs are taking longer
than expected. In addition it was announced on 7 June 2012 that
Navistar has instigated a major management restructure and the
Directors of Clean Air Power can have no certainty as to the
outcome or effect of these changes.
Following the success of the Genesis EDGE proprietary system in
Europe, the Directors are evaluating the development of this system
for the US market, to complement the current OEM discussions and
meet customer demand in the short to medium term.
John Pettitt, CEO of Clean Air Power, said:
"We have been working with Sainsbury's for the last 3 years and
this additional order reinforces their belief in our Genesis Edge
Dual-Fuel(TM) systems. We are pleased to continue working with
them. The opportunities in the US market are very large and the
Directors remain focussed on delivering a product to capitalise on
this market demand."
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 Limited (Nominated Adviser) 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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