10 Feb 2014 07:00
10 February 2014
Clean Air Power Limited
("Clean Air Power" or the "Group")
Concept Development Agreement
Clean Air Power (AIM: CAP), the developer and global leader in Dual-Fuel engine management software for heavy duty vehicles, today announces that it has entered into a funded concept development agreement with a global truck manufacturer to develop a Dual-Fuel engine for a South East Asian market. This is the first program to be awarded through the cooperation agreement with Ricardo, Inc, signed in September 2013.
The purpose of the development program is to utilise Clean Air Power's Dual-Fuel™ combustion technology to deliver an advanced dual-fuel engine that not only achieves its emissions objective but also reduces the extent of emissions after-treatment required by the base diesel engine.
Subject to a successful concept phase, expected to last 6 months, the agreement will then enter a second stage to bring the advanced dual-fuel engine to start of production.
Commenting on the agreement, John Pettitt, CEO of Clean Air Power, said:
"It is a pleasure to be announcing a concept study so quickly after entering the cooperation agreement with Ricardo. This is a very exciting but challenging program which highlights the interest in our technology in major world markets including Asia."
For further information, please contact:
Clean Air Power John Pettitt, Chief Executive Pete Rowse, Finance Director
| Tel: +44 (0)1772 624 499 |
Citigate Dewe Rogerson Malcolm Robertson Chris Gardner
Cantor Fitzgerald Europe David Foreman / Mark Percy (Corporate Finance) David Banks / Paul Jewell (Corporate Broking)
Peat & Co Charlie Peat Andy Cuthill
| Tel: +44 (0)20 7282 2867
Tel: +44 (0)20 7894 7000
Tel: +44 (0)20 7894 7632
Tel: +44 (0)20 3540 1721
|
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 overheads.
Initially founded in the USA in 1991, around £50m has been invested in developing the technology with the result that 65 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
CAP.L (CAP)