Clean Air Power Limited Grant Funding Win (2944D)
April 26 2013 - 2:00AM
UK Regulatory
TIDMCAP
RNS Number : 2944D
Clean Air Power Limited
26 April 2013
26 April 2013
Clean Air Power Limited
("Clean Air Power" or "Company")
Significant US Grant Funding Win
Clean Air Power (AIM: CAP), the developer and global leader in
dual-fuel engine management software for heavy duty vehicles, is
pleased to announce it has executed an agreement to receive a grant
to support its development of a Genesis EDGE Dual-Fuel(TM) product
for the important US market (the "Program"). The commencement of
this Program was originally announced on 29 August 2012 and will
deliver a US Genesis product certified to US2010 emissions levels
and enable the Company to access the growing demand in the US for
natural gas vehicles.
In support of the Program, Clean Air Power will receive
approximately $2.6m between May 2013 and October 2014 to produce,
demonstrate and refine a commercially viable Dual-Fuel product for
the US market. Based on the assumption that the current Program
timeline and deliverables are met, the majority of the funds are
expected to be received by December 31 2013.
To receive the funds Clean Air Power has to satisfy certain
deliverables including achieving the deployment of 12 trial
vehicles and demonstrating agreed levels of vehicle performance and
efficiency and the proportion of diesel replaced by natural
gas.
The funds will be managed through a subcontract with Gas
Technology Institute (GTI), who will manage grant on behalf of the
California Energy Commission (CEC). These grants are made possible
under California's Alternative and Renewable Fuel and Vehicle
Technology Program (AB 118) specifically designed to accelerate the
use of alternative fuels in California's transportation market. In
accordance with the terms of the agreement Clean Air Power will
develop the US Genesis product and will deploy 12 Dual-Fuel trucks
into various applications to optimise them for emissions,
driveability and efficiency. Clean Air Power has been in
discussions with GTI and CEC since February 2012 and therefore, as
indicated in the preliminary results for the year ended 31 December
2012 announced on 4 April 2013, the receipt of these funds was
already included in the Company's forecasts.
John Pettitt says:
"With the abundance of domestically produced natural gas, the US
represents an extraordinary opportunity for Clean Air Power's
Dual-Fuel technology. We are pleased to have the support from CEC
to adapt and optimise our European product for the important US
market where demand for natural gas vehicles is growing rapidly. We
are also looking forward to working with GTI, managing the grant on
behalf of CEC, as they are leaders in promoting adoption of natural
gas throughout the US."
For further information, please contact:
Clean Air Power Tel: +44 (0)1772 624 499
John Pettitt, Chief Executive
Peter Rowse, Finance Director
Citigate Dewe Rogerson Tel: +44 (0)20 7282 2867
Malcolm Robertson
Chris Gardner
Cantor Fitzgerald 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
overheads.
Initially founded in the USA in 1991, around GBP40m has been
invested in developing the technology with the result that 65
patents are currently held or pending. The holding company of the
Group is based in Bermuda with operational subsidiaries in the UK,
the USA and Australia. The Group was admitted to the AIM market of
the London Stock Exchange in February 2006.
Further information on Clean Air Power is available at
www.cleanairpower.com
About Gas Technology Institute
GTI is the leading U.S. research, development and training
organization addressing energy and environmental challenges to
enable a secure, abundant, and affordable energy future. For more
than 70 years, GTI has been providing economic value to the natural
gas industry and energy markets by developing technology-based
solutions for industry, government, and consumers.
GTI's research initiatives address issues impacting natural gas
and energy markets across the industry's value chain. GTI offers an
integrated systems perspective to expand the supply of affordable
energy, ensure a safe and reliable energy delivery infrastructure,
and promote the efficient use of energy resources.
GTI is an independent technology organization, established as an
Illinois not-for-profit corporation. They are tax-exempt under
Section 501(c)(3) of the Internal Revenue Code.
About California Energy Commission (CEC)
The California Energy Commission is the state's primary energy
policy and planning agency. Created by the Legislature in 1974 and
located in Sacramento, six basic responsibilities guide the Energy
Commission as it sets state energy policy: forecasting future
energy needs; licensing thermal power plants 50 megawatts or
larger; promoting energy efficiency and conservation by setting the
state's appliance and building efficiency standards; supporting
public interest energy research that advances energy science and
technology through research, development, and demonstration
programs; developing renewable energy resources and alternative
renewable energy technologies for buildings, industry and
transportation; planning for and directing state response to energy
emergencies
This information is provided by RNS
The company news service from the London Stock Exchange
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