Clean Air Power Limited Letter of Intent with global truck manufacturer (2510R)
September 10 2014 - 2:00AM
UK Regulatory
TIDMCAP
RNS Number : 2510R
Clean Air Power Limited
10 September 2014
10 September 2014
Clean Air Power Limited
("Clean Air Power" or the "Group")
Letter of Intent signed with global truck manufacturer
Clean Air Power (AIM: CAP), the global leader in the development
and delivery of compression-ignited natural gas systems and
software for heavy duty vehicles, is pleased to announce that it
has signed a Letter of Intent to commence the first phase of a
production development program for a MicroPilot diesel-natural gas
engine for the South East Asian and other markets. This follows the
successful conclusion of a funded concept study with a global truck
manufacturer (announced on 10 February 2014).
This first phase of the program is targeted to commence in
September 2014 and will last 6 months, generating revenues for
Clean Air Power of over $3 million. If successful, the program will
then enter a second phase with the objective to bring a MicroPilot
diesel-natural gas engine for the South East Asian and other
markets to the start of production in 2017.
Clean Air Power will continue to be supported by Ricardo as part
of the co-operation agreement signed in September 2013.
Commenting on the agreement, John Pettitt, CEO of Clean Air
Power, said:
"We are delighted to be moving from the concept phase to the
first phase of production development on a MicroPilot
diesel-natural gas engine with the potential to deliver a
significant improvement in performance and efficiency. Our client
is a progressive, global truck manufacturer with a bold ambition
for the future application of compression-ignited natural gas
engines. Its commitment to move ahead with this next phase
demonstrates the quality of our technology and the value that our
relationship with Ricardo can bring to OEM partners. Our ambition
is to become a global design, development and delivery partner of
compression-ignited natural gas engines and we are excited about
the potential of this latest success to open the door to other OEMs
partnerships."
Note: a MicroPilot diesel-natural gas engine is a fully
interfaced engine system that takes advantage of the Group's
patented MicroPilot technology and modern diesel engine technology
so that only very small (i.e. "micro") quantities of diesel spray
(i.e. "pilot") are needed to ignite a mixture of natural gas and
air, delivering levels of performance that are not possible to
achieve with existing, retro-fitted Dual-Fuel(TM) system
technology.
For further information, please contact:
Clean Air Power Tel: +44 (0)1772 624 499
John Pettitt, Chief Executive
Neill Skinner, Chief Financial Officer
Citigate Dewe Rogerson Tel: +44 (0)20 7282 2867
Malcolm Robertson Tel: +44 (0)20 7886 2500
Chris Gardner Tel: +44 (0)20 3540 1721
Panmure Gordon
Corporate Finance
Freddy Crossley / Atholl Tweedie
Corporate Broking
Tom Salvesen
Peat & Co
Charlie Peat
Andy Cuthill
Notes to Editors
About Clean Air Power
Clean Air Power designs, develops and delivers diesel ignited
natural gas engines for heavy duty transport applications. Clean
Air Power's technology substantially cuts 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 69
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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