Clean Air Power Limited Trading Update (6830W)
November 11 2014 - 2:01AM
UK Regulatory
TIDMCAP
RNS Number : 6830W
Clean Air Power Limited
11 November 2014
11 November 2014
Clean Air Power Limited
("Clean Air Power" or the "Company")
Trading Update
Clean Air Power (AIM: CAP), the developer and global leader in
compression-ignited natural gas engine management systems for
heavy-duty engines, today provides a trading update.
In Europe, the Company has recently received a new order for a
minimum of ten and up to 20 Genesis-EDGE Dual-Fuel(TM) retro-fit
systems from a large Belgian haulier. The systems are to be
delivered between now and the end of Q1 2015.
The restructuring of the European business around the
development of the Russian market also continues to progress. As
previously announced, the first customer orders have now been
received following the delivery of five demonstration vehicles to
our Russian partners earlier in 2014.
In Asia, the Company has signed the contract with a global truck
manufacturer 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 previously
announced Letter of Intent and will generate revenues of over
$3million in the period to April 2015. If successful, the program
will move to a second phase targeting the start of production in
2017.
In the US, work is progressing on the US Genesis EDGE
Dual-Fuel(TM) product to resolve the technical issues which have
delayed testing by the Environmental Protection Agency (EPA). The
test engine had previously met all EPA emission requirements in
internal testing at company facilities in Leyland, UK.
Across the Company, cost control measures have been implemented
and the Company continues to manage its cash resources tightly.
John Pettitt, Chief Executive of Clean Air Power, said: "The
receipt of new orders for our European Genesis EDGE system and
continued progress in developing the market in Russia are
encouraging. Along with Russia, the US represents a sizeable new
market for Clean Air Power and we are working hard to resolve the
technical issues with our US product and to bring it to market.
We also continue to build on our long-term strategy of
designing, developing and delivering compression-ignited natural
gas engines for OEM partners and Tier 1 suppliers. We are very
pleased to have signed the contract for the first phase of our
production development program in South East Asia. The market
remains significant and represents a major opportunity for Clean
Air Power."
Enquiries:
Clean Air Power Tel: +44 (0)1772 624
499
John Pettitt, Chief Executive Officer
Neill Skinner, Chief Financial Officer
Citigate Dewe Rogerson Tel: +44 (0)20 7282
2867
Malcolm Robertson
Chris Gardner
Panmure Gordon Tel: +44 (0)20 7886
2500
Corporate Finance
Freddy Crossley / Atholl Tweedie
Corporate Broking
Tom Salvesen
Peat & Co Tel: +44 (0)20 3540
1721
Charlie Peat
About Clean Air Power
Clean Air Power designs, develops and delivers
compression-ignited natural gas engines for heavy duty transport
applications. Clean Air Power's patented MicroPilot and
Dual-Fuel(TM) technology enables engines to run on natural gas
mixed with diesel (or any suitable combustion fuel) providing the
"spark" that ignites the gas. Substituting natural gas for diesel
cuts fuel costs, emissions of carbon, nitrous oxide and
particulates whilst retaining the original engine's power,
efficiency and reliability characteristics. Clean Air Power
operates in the US, Europe, Russia and Australia and has two
commercial divisions:
Dual-Fuel(TM) Vehicle Systems
Delivery of patented Dual-Fuel(TM) systems which include
fully-interfaced systems developed in partnership with truck
manufacturers and the Group's Genesis-EDGE system, developed
in-house as an after-market solution. Dual-Fuel(TM) is a type of
system that adapt diesel engines to run on a combination of diesel
and natural gas whilst retaining engine's basic infrastructure. The
Division sells systems to truck manufacturers for on-line assembly,
approved partners for after-market installation or direct to
customers through its own installation facilities. The Division
also undertakes design and development work for governments and
truck manufacturers on Dual-Fuel(TM) and next-generation MicroPilot
systems.
Components
Design and manufacture of innovative hydraulic valves, injectors
and filters for natural gas engines sold to truck manufacturers
around the world.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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