LONDON (Alliance News) - Clean Air Power Ltd on Tuesday said it has received new orders in Europe and Asia, said the restructuring of its European arm is continuing, and said it is still working on resolving technical issues in its US business.
Clean Air said its has received an order for a minimum of ten and a maximum of 20 Genesis-EDGE Dual Fuel retro-fit systems from an unnamed Belgian haulier. It did not provide any financial details for the contract but said the systems will be delivered between now and the end of the first quarter of next year.
The company also signed a deal with an unnamed global truck manufacturer on the first phase of a production development deal for a MicroPilot diesel-natural gas engine for the South East Asian and other markets. The deal is set to generate revenues of more than USD3 million in the period to April next year, Clean Air said, and if successful will move to a second phase targeting production in 2017.
In Europe, the restructuring of its business around the development of the Russian market is continuing, Clean Air said.
And in the US, the company said work is progressing on resolving the technical delays which have postponed testing of its US Genesis-EDGE Dual Fuel product by the country's Environmental Protection Agency.
The company said cost controls have been implemented across the company and said it is continuing to tightly manage its cash resources.
Clean Air shares were down 6.7% to 2.1 pence on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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