Clean Air Power Limited Cooperation agreement with Ricardo Inc. (4665O)
September 20 2013 - 2:00AM
UK Regulatory
TIDMCAP
RNS Number : 4665O
Clean Air Power Limited
20 September 2013
20 September 2013
Clean Air Power Limited
("Clean Air Power" or the "Group")
Clean Air Power to co-operate with Ricardo Inc. in the
development of Dual-Fuel engines
Clean Air Power (AIM: CAP), the developer and global leader in
Dual-Fuel engine management software for heavy duty vehicles, and
Ricardo Inc. ("Ricardo"), a multi-industry consultancy for
engineering, technology, project innovation and strategy, have
entered into a five year non-exclusive co-operation agreement for
the development of dual fuel engines for potential OEM partners
(the "Agreement").
Under the terms of the Agreement Ricardo will recommend to its
clients, when appropriate, Clean Air Power as its preferred
developer and supplier of dual fuel systems and Clean Air Power
will, when appropriate, recommend Ricardo as its preferred system
integration partner for dual fuel systems developed by the
Group.
The agreement serves to strengthen the offering of both
companies, by bringing together Clean Air Power's advanced
dual-fuel technology that enables heavy-duty diesel engines to run
primarily on natural gas, with Ricardo's system integration
expertise to develop products for potential OEM customers. As
system integrator, Ricardo will use its knowledge of engine design
and controls experience and system modeling capabilities to develop
Clean Air Power's dual fuel system to meet the specific
requirements of a potential OEM partner.
Demand for natural gas vehicles is growing in many of the
world's largest markets driven by the relatively low cost of gas in
comparison to diesel and its growing availability to vehicle
operators as major gas supply companies invest to expand gas
refueling infrastructure. These factors are leading to increasing
interest from major vehicle manufacturers and other partners in
developing OEM products for markets in North America, Europe and
Asia.
John Pettitt, Chief Executive of Clean Air Power said:
"Ricardo is a world renowned engineering company and this
co-operation agreement offers further validation of the quality and
reliability of our Dual Fuel technology. Our clear medium term
strategy is to develop further OEM relationships and through this
agreement we have access to the resources and engineering expertise
needed to develop additional new OEM products, based on our
Dual-Fuel technology, to meet the growing interest in natural gas
vehicles amongst manufacturers. Ricardo is a truly global company
and we hope that this agreement will place our Dual-Fuel system at
the forefront of the worldwide trend towards the adoption of
natural gas as a road fuel."
Tom Apostolos, President of Ricardo said:
"Natural gas in a duel fuel application offers both fuel economy
and cost savings to the large and heavy duty engine industry. This
agreement will help our global clients to achieve those savings
more quickly, with reduced development time and robust system
integration. We are pleased to be working with CAP as a system
integrator for their patented dual-fuel technology."
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 / Paul Jewell (Corporate
Broking)
Tel: +44 (0)20 7104 2334
Peat & Co
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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