Clean Air Power Limited Cooperation agreement with Ricardo Inc. (4665O)

TIDMCAP

RNS Number : 4665O

Clean Air Power Limited

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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