Clean Air Power Limited Trading Update (6605K)
August 01 2013 - 2:00AM
UK Regulatory
TIDMCAP
RNS Number : 6605K
Clean Air Power Limited
01 August 2013
1 August 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, is
pleased to provide an update on trading for the six month period
ending 30 June 2013. Revenues for the period were GBP4.1m (2012:
GBP3.9m which included a GBP0.8m one-off revenue item from
Navistar).
In the first half 172 system sales have been delivered (2012:
116) and in the year to date more than 180 additional customer
orders have been placed with either Clean Air Power or our European
OEM partner for Dual Fuel systems bringing the total to more than
350. This compares to 300 system sales during the entire year ended
31 December 2012.
Clean Air Power has continued to make significant progress
during the year developing a Dual-Fuel product suitable for the
important US market and exhibited its first prototype vehicle
retrofitted with a US version of its Genesis-EDGE product at the
Alternative Clean Transportation EXPO, Washington DC., 24-27 June
2013. The vehicle was well received by attendees at the EXPO with
more than 150 visitors to the stand. Clean Air Power anticipates
that the first trial vehicles will be on the road and undergoing
validation by the end of 2013, with production commencing in early
2014.
Clean Air Power's plans to develop the Russian market are also
progressing well with a number of opportunities to access the
market being actively pursued. The Russian Government is
encouraging major gas supply companies to implement clear
strategies to develop natural gas as a road fuel. As a result gas
companies have begun investing heavily in gas refuelling
infrastructure and this is expected to lead to an increase in
demand for natural gas vehicles in the future.
The Group has also continued to develop and improve its European
Dual-Fuel products and earlier in the year announced the start of a
2-year funded research project with Brunel University to develop
the next generation of advanced Dual-Fuel combustion systems funded
by the UK Government's Technology Strategy Board.
John Pettitt, Chief Executive of Clean Air Power said:
"I am pleased that Clean Air Power has already received system
sales orders in 2013 exceeding that for the full year in 2012.
Despite production constraints of Dual-Fuel vehicles by our
European OEM partner we have seen an encouraging pick-up in
momentum at the start of the second half of the year. In the US,
the exhibition of our first prototype Dual-Fuel vehicle was an
important milestone in our development of a US Genesis-EDGE
product, which has the potential to generate significant revenue
for the Group and further validate our technology to potential new
OEM partners in the US, Europe and Japan. The trend towards the
adoption of natural gas vehicles around the world continues, driven
by cost savings, reductions in emissions and increasing investment
in new refuelling stations by major gas supply companies. Our plans
to develop markets in Europe, US and Russia means Clean Air Power
is well positioned to benefit from this worldwide trend."
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 3540 1721
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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