15 Jan 2015 07:00
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 NOx 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-FuelTM 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™ Vehicle Systems
Delivery of patented Dual-Fuel™ 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™ 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™ 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 £50m 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.