Clean Air Power Limited Contract for MicroPilot demonstration vehicle (8389D)
February 03 2015 - 2:00AM
UK Regulatory
TIDMCAP
RNS Number : 8389D
Clean Air Power Limited
03 February 2015
3 February 2015
Clean Air Power Limited
("Clean Air Power" or the "Company")
Contract Extension worth $1million signed to deliver MicroPilot
demonstration vehicle for South East Asian market
Clean Air Power (AIM:CAP), the developer and global leader in
compression-ignited natural gas engine systems for heavy duty
vehicles is pleased to announce that it has secured a significant
contract extension to develop and deliver a demonstration vehicle
equipped with its MicroPilot technology for a global truck
manufacturer.
The new contract extends the previously announced agreement with
this global truck manufacturer to commence the first phase of a
production development program for a MicroPilot compression-ignited
natural gas engine for the South East Asian and other markets. This
extension includes both engine and vehicle system development, and
is worth approximately $1 million in additional revenue in 2015 for
the Company. It will also strengthen the Company's cash resources.
Furthermore, the contract contains an option to extend the program
to a second vehicle.
The vehicle will be used by the global truck manufacturer to
demonstrate to its target markets the high levels of performance,
efficiency and natural gas substitution that can be achieved using
Clean Air Power's MicroPilot technology. Clean Air Power will
continue to be supported by Ricardo plc on this extended program as
part of the on-going co-operation agreement signed in September
2013.
Test results from the Company's MicroPilot research and
development programs, including the Company's partnerships with
Brunel University, London, have 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: "This
significant contract extension reflects the increased commitment by
our progressive global truck manufacturing partner to MicroPilot
technology and further underlines their bold ambition for this
program. It also demonstrates the value that our relationship with
Ricardo plc can bring to our manufacturing partners. Along with our
research results, which continue to demonstrate the potential for
MicroPilot technology to be a game-changer in the demanding heavy
duty truck industry, this new contract is another step forward in
our ambition to be the design, development and delivery partner of
choice for compression-ignited natural gas engine systems."
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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