LONDON (Alliance News) - Clean Air Power Ltd shares rose more than 20% Tuesday morning after the company said it has signed a USD1 million contract extension for the South East Asian market.
Clean Air said it has won a deal from an unnamed global truck manufacturer to develop and deliver a demonstration vehicle equipped with its MicroPilot compression-ignited natural gas engine.
The extension includes both engine and vehicle system development and will be worth USD1 million in additional revenue in 2015. The contract also contains an option to extend the programme to a second vehicle, Clean Air 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 programme," said Clean Air Power Chief Executive John Pettitt.
Shares in the company were up 22% to 1.25 pence in early trade, the best performer in the AIM All-Share index.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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