18th Feb 2009 07:00
|
For Immediate Release |
18 February 2009 |
Clean Air Power Limited
("Clean Air Power" or "the Company")
Contract Win
New Order for Components Division
Clean Air Power Limited (AIM: CAP) is pleased to announce another significant order for its Components Division in San Diego, USA.
The order, from Advanced Engine Components Ltd in Australia, ("AEC") is worth around $260k for the supply of gas injectors to be used as spare parts for the production of natural gas powered buses. It will be delivered in the first half of the year and comprises the first part of an agreement with AEC under which Clean Air Power expects to supply injectors worth around $480k in 2009. Clean Air Power's sales to AEC in 2008 were approximately $200k.
Following the February announcement of a $1.1m components order as part of a $3.3m long term supply agreement with L3, the agreement with AEC further validates Clean Air Power's ability to build relationships with its customers and grow sales.
Clean Air Power's components division grew from its need to develop specialised components for its own core Dual-Fuel™ technology. The injectors and valves now produced incorporate a number of beneficial and patented features which have allowed Clean Air Power to become a tier one supplier to a number of automotive manufacturers around the world.
John Pettitt, CEO, said:
"I am delighted to have received this order. The agreement reached means 2009 sales to AEC should be more than double last year's level. The increasing demand for natural gas engines around the world is driving the growth in sales for our components division. This division contributes valuable cash to the company as the commercialisation of our core Dual-Fuel™ technology continues under the Volvo letter of intent that was signed in January."
For further information contact:
Clean Air Power
John Pettitt, Chief Executive
Peter Rowse, Finance Director
Tel: +44 (0)1494 527110
Canaccord Adams Limited
Robert FinlayGuy Blakeney
Bhavesh Patel
Tel: +44 (0)20 7050 6500
Buchanan CommunicationsCharles RylandBen 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
Related Shares:
CAP.L