7 May 2009 07:00
| For Immediate Release | 7 May 2009 |
Clean Air Power Limited
("Clean Air Power" or "the Company")
New Euro 5 'Genesis' Product Launch
Clean Air Power Limited (AIM: CAP), the developer of Dual-Fuel™ combustion technology that enables heavy-duty diesel engines to run on a combination of both diesel and natural gas, is pleased to announce the launch of a Euro 5 compatible version of its 'Genesis' system for the UK and European markets for trucks which meet the latest European emissions regulations.
In launching this new product, Clean Air Power can open up new revenue channels which were previously closed off due to the former product only being Euro 3 compliant. Despite the Euro 3 compatible Genesis product having received good levels of interest, potential customers have naturally become increasingly focused on being able to acquire more recent Euro 5 compliant vehicles. Accordingly the Company is optimistic that this launch will enable previous expressions of interest to be converted into product orders.
This Euro 5 'Genesis' system, which is sold directly to operators by Clean Air Power, was developed by applying the Company's patented technology to a Volvo Euro 5 emissions compliant 13 litre truck.
From 1 October 2009, emissions from all heavy commercial vehicles sold must comply with Euro 5, the latest European standard. Emissions levels permitted at Euro 5 (2009) are significantly lower than at Euro 3 (2000).
Clean Air Power's 'Genesis' system is a retro-fitted in house product which can be installed and marketed without the need for formal co-operation of the truck manufacturers. The solution does not interface directly with a vehicle's own engine management system and around 50% of the diesel normally used by the vehicle is substituted for gas.
Clean Air Power has produced a demonstration vehicle which is already on trial with a major blue chip company and further trials are already planned.
Commenting on the new product launch, John Pettitt, CEO of Clean Air Power said:
"The launch of this Euro 5 'Genesis' system is a significant milestone for the Company to have reached and we anticipate levels of customer demand to be high as the new product replaces the Euro 3 system that has already achieved significant interest within the industry. I am delighted that our engineering team have delivered on time again. This latest Genesis product opens up the UK and European market and will provide a useful additional revenue source for the Company as we continue the development of the Volvo interfaced version of our product in partnership with Volvo. "
For further information contact:
Clean Air Power
John Pettitt, Chief Executive
Peter Rowse, Finance Director
Tel: +44 (0)1494 527110
Canaccord Adams Limited
Robert Finlay
Guy Blakeney
Bhavesh Patel
Tel: +44 (0)20 7050 6500
Buchanan CommunicationsCharles Ryland
Ben Romney
Tel: +44 (0)20 7466 5000
Notes to Editors:
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, by substituting diesel with clean natural gas 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 overheads.
Initially founded in the USA in 1991, around £40m has been invested in developing the technology with the result that 62 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.
Further information on Clean Air Power is available at www.cleanairpower.com