Clean Air Power Limited Genesis EDGE - US Evaluation (9340K)
August 29 2012 - 2:00AM
UK Regulatory
TIDMCAP
RNS Number : 9340K
Clean Air Power Limited
29 August 2012
For immediate release 29 August 2012
Clean Air Power Ltd
("Clean Air Power" or "the Company")
Genesis EDGE - US Evaluation
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 Clean Air Power's Technical Advisory Board, chaired
by Prof. Dr Karl Viktor Schaller, has successfully completed the
feasibility evaluation of a Genesis EDGE solution for the US market
and that the Board has approved the internal development
program.
The Genesis EDGE product is Clean Air Power's proprietary
after-market Dual-Fuel(TM) system that can be retrofitted on
customers' existing vehicles and is already proving successful in
Europe. The Directors believe that the combination of low relative
cost and a large domestically produced natural gas supply in North
America will prove to be strong economic drivers to fuel the future
adoption of this technology in the US market. The development
program is scheduled to last for 18 months and it is anticipated
that the first trial trucks should be in operation in late 2013
with production in the US expected by early 2014.
Clean Air Power's primary goal is to develop an interfaced
system with a US OEM but a Genesis EDGE program will allow the
Company to control the development and timings of a US product
launch to meet demand from both existing and potential customers in
North America.
John Pettitt, CEO of Clean Air Power, said:
"We are pleased that the evaluation has confirmed the viability
of developing the Genesis EDGE system for North America. It
complements our offering in Europe and reinforces the message that
natural gas is an increasingly significant fuel for truck operators
and Dual-Fuel(TM) technology is capable of replacing the majority
of heavy duty truck diesel consumption. We therefore see a
significant opportunity for our Genesis EDGE product in the US
market."
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
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
overhead
This information is provided by RNS
The company news service from the London Stock Exchange
END
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