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29 Aug 2012 07:00
For immediate release | 29 August 2012 |
Clean Air Power Ltd
("Clean Air Power" or "the Company")
Genesis EDGE - US Evaluation
Clean Air Power (AIM: CAP), the developer of Dual-Fuel™ combustion technology that enables heavy-duty diesel engines to operate on a combination of diesel and natural gas, is pleased to announce that Clean Air Power's Technical Advisory Board, chaired by Prof. Dr Karl Viktor Schaller, has successfully completed the feasibility evaluation of a Genesis EDGE solution for the US market and that the Board has approved the internal development program.
The Genesis EDGE product is Clean Air Power's proprietary after-market Dual-Fuel™ system that can be retrofitted on customers' existing vehicles and is already proving successful in Europe. The Directors believe that the combination of low relative cost and a large domestically produced natural gas supply in North America will prove to be strong economic drivers to fuel the future adoption of this technology in the US market. The development program is scheduled to last for 18 months and it is anticipated that the first trial trucks should be in operation in late 2013 with production in the US expected by early 2014.
Clean Air Power's primary goal is to develop an interfaced system with a US OEM but a Genesis EDGE program will allow the Company to control the development and timings of a US product launch to meet demand from both existing and potential customers in North America.
John Pettitt, CEO of Clean Air Power, said:
"We are pleased that the evaluation has confirmed the viability of developing the Genesis EDGE system for North America. It complements our offering in Europe and reinforces the message that natural gas is an increasingly significant fuel for truck operators and Dual-Fuel™ technology is capable of replacing the majority of heavy duty truck diesel consumption. We therefore see a significant opportunity for our Genesis EDGE product in the US market."
For further information please contact:
Clean Air Power John Pettitt, Chief Executive Peter Rowse, Group Finance Director
| Tel: +44 (0)1772 624 499 |
Buchanan Charles Ryland Clare Akhurst
Seymour Pierce Limited (Nominated Adviser) Mark Percy David Banks (Corporate Broking) | Tel: +44 (0)20 7466 5000
Tel: +44 (0)20 7107 8000
|
Notes to Editors
About Clean Air Power
Clean Air Power is the developer and provider of Dual-Fuel™ combustion technology for heavy duty diesel engines. Dual-Fuel™ engines substantially cut fuel costs and carbon emissions without sacrificing the original engine's characteristic efficiency or reliability. Clean Air Power is well positioned to assist corporations and governments to deliver on their environmental commitments while at the same time reducing transport operators overhead
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