Clean Air Power Limited Trading Update (6876H)
July 16 2012 - 2:00AM
UK Regulatory
TIDMCAP
RNS Number : 6876H
Clean Air Power Limited
16 July 2012
For immediate release 16 July 2012
Clean Air Power Ltd
("Clean Air Power" or "the Company")
Trading Update and Notice of Results
Revenues Significantly Ahead
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 trading during the first half of the financial year
has been encouraging with revenues significantly ahead of the prior
year. During the first 6 months of the current financial year,
revenues were GBP3.9 million (2011:GBP2.1 million) with over 100
systems(2011: 37 systems) being delivered during the period.
Furthermore a continuation of the promising interest in the
European products has resulted in a significant increase in orders.
The Company has now had a total of 250 orders during 2012 for both
the Genesis EDGE system and European OEM product. This
includesorders for the new version of the Genesis EDGE product,
using a Renault Magnum 13 litre engine to meet demand from a new
customer from Spain.
The Genesis EDGE system is being very well received by customers
in Europe. As a result Clean Air Power has initiated an evaluation
of the Genesis EDGE product for the North American market, to
complement the current OEM discussions and meet customer demand in
the short to medium term. The Directors believe the low relative
cost of natural gas is compelling additional benefit in driving the
large and still growing market demand throughout North America for
natural gas vehicles. The Board looks forward to updating
shareholders on the results of the evaluation in due course.
Results for the 6 months to 30 June 2012 are due to be announced
during the week beginning 3 September 2012.
John Pettitt, CEO of Clean Air Power, said:
"We are gaining very encouraging traction in the European Market
with increasing customer demand, a growing order book and a new
product offering. Thanks to the increasing customer interest we are
confident of the outlook going into the second half of the
financial year. We have a clear strategy for the North American
market both in the short and medium term and will provide further
updates following the evaluation study "
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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