Clean Air Power Limited MicroPilot Technology Update
January 15 2015 - 2:00AM
RNS Non-Regulatory
TIDMCAP
Clean Air Power Limited
15 January 2015
15 January 2015
Clean Air Power Limited
("Clean Air Power" or the "Company")
Ricardo confirms support for Clean Air Power in the development
of MicroPilot diesel-natural gas engines and demonstration of
MicroPilot's fuel economy, power and environment benefits
Clean Air Power (AIM: CAP) welcomes publication by Ricardo Inc.
("Ricardo") of its Q4 Quarterly Review, which highlights the
benefits of dual-fuel technology (including operational flexibility
and retaining diesel performance characteristics whilst removing
operational and commercial risk through diesel fall-back and the
protection of residual values) and reaffirms Ricardo's commitment
to the co-operation agreement signed with Clean Air Power in
September 2013 for the development and application of the Company's
MicroPilot technology.
Clean Air Power is currently collaborating with Ricardo on the
first phase of a production development program for a MicroPilot
diesel-natural gas engine for the South East Asian and other
markets under a contract with a global truck manufacturer. The
programme will generate revenues of over $3million in the period to
April 2015 and, if successful, will move to a second phase
targeting the start of production in 2017.
Test results from the Company's MicroPilot research and
development programs, including the Company's partnership with
Brunel University, London, has demonstrated that MicroPilot
technology can deliver over 90% substitution of diesel with natural
gas, along with a 10% improvement in both power and torque and a
60% reduction in NO(x) emissions compared to conventional dual-fuel
technology.
John Pettitt, Chief Executive of Clean Air Power, said:"Ricardo
is a world renowned engineering company and its continuing support
is a major endorsement of the quality of our MicroPilot technology
and the potential for the use of natural gas as a road fuel. Our
research and development programs are demonstrating that if we can
deliver these results on a compression-ignited natural gas
production engine, then our MicroPilot technology will be a
game-changer within the industry, in terms of fuel economy,
performance and environmental benefits. The current South East
Asian development program demonstrates the value our relationship
with Ricardo can bring to OEM partners and we look forward to
working alongside Ricardo on further OEM programmes in the
future."
The full Q4 Quarterly Review can be accessed via the Ricardo
website (http://www.ricardo.com/en-GB/News--Media/rq).
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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