Clean Air Power Limited Trading Update (9268G)
June 13 2013 - 2:00AM
UK Regulatory
TIDMCAP
RNS Number : 9268G
Clean Air Power Limited
13 June 2013
13 June 2013
Clean Air Power Limited
("Clean Air Power" or the "Group")
Trading Update
Clean Air Power (AIM:CAP), the developer and global leader in
Dual-Fuel engine management software for heavy duty vehicles, today
announces that continued demand for its European Dual-Fuel(TM)
products has resulted in customers having placed more than 250
orders with either Clean Air Power or our European OEM partner for
Dual Fuel systems. This compares to 300 system sales during the
year ended 31 December 2012.
It is apparent there are constraints on expected production
levels of methane-diesel vehicles by our European OEM partner,
which has been increasing production of standard diesel Euro 5
compliant vehicles ahead of the introduction of Euro 6 emissions
standards in Europe in 2014. These production constraints have
lengthened lead times and reduced availability for customers
looking to buy diesel vehicles with the intention to retrofit them
with our Genesis-EDGE product. Whilst these factors are likely to
impact sales of our Dual-Fuel(TM) products in 2013 they will
increase the number of Euro 5 vehicles in the market available to
retrofit with our Genesis Edge product in 2014.
Clean Air Power's plans to develop the Russian market are
progressing well. Russia is an important market for the Group as
there is no switchover to Euro 6 emissions standards in 2014. In
addition, Russian gas companies have implemented clear strategies
to develop natural gas as a road fuel and are investing heavily in
gas refuelling infrastructure, which is expected to lead to an
increase in demand for natural gas vehicles. In the year to date,
Clean Air Power has continued to make significant progress
developing a Genesis-EDGE product suitable for the important US
market and the Group intends to exhibit the first prototype vehicle
at the Alternative Clean Transportation EXPO 24-27 June 2013. The
US represents a significant and growing opportunity for Clean Air
Power as the increasing availability and relatively low cost of
natural gas drives ever greater customer demand for natural gas
vehicles.
John Pettitt, Chief Executive of Clean Air Power said:
"Demand in Europe for Dual-Fuel(TM) technologies has been
translating into solid orders for our products in 2013 and, as we
approach the half year, orders are close to the level of sales seen
for the full year in 2012. However, production priorities at our
OEM partner have negatively affected management's view of expected
short term sales. Nevertheless, the trend towards the adoption of
natural gas vehicles continues worldwide, driven by cost savings,
reductions in emissions and the expansion of refuelling
infrastructure. In Russia, President Putin has set out ambitious
plans to support and dramatically increase the penetration of
natural gas vehicles throughout the country whilst in the US, the
abundance of domestically produced natural gas and increasing
investment in new refuelling stations by major gas supply companies
is driving customer demand. Our plans to develop these key markets
are progressing well and in the US our new Genesis-EDGE product
will soon enable us to service this demand and we have already
received interest from a number of major fleet customers."
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 Europe Tel: +44 (0)20 7894 7000
David Foreman / Mark Percy (Corporate
Finance) Tel: +44 (0)20 7894 7632
David Banks (Corporate Broking)
Peat & Co Tel: +44 (0)20 7104 2334
Charlie Peat
Andy Cuthill
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 GBP50m 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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