17th Mar 2009 07:00
|
For Immediate Release |
17 March 2009 |
Clean Air Power Limited
("Clean Air Power" or "the Company")
New Order
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 a significant order for its Components Division in San Diego, USA.
The order from L3 Communications ("L3"), which is worth $765,000, is for the supply of hydraulic valves to be delivered in late 2009. This order is the second to be received under the long term supply agreement with L3 that Clean Air Power announced on 11 February 2009. The agreement anticipates total sales of $3,337,000, including the above 2009 order, between 2009 and 2011. In total L3 has now confirmed $1,876,000 in orders relating to this three year agreement.
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. The Components Division generates cash which assists the development and full commercialisation of the company's core Dual-Fuel™ business.
Commenting on the contract win, John Pettitt, CEO, said:
"I am delighted to have received this second significant order from L3 which further emphasises Clean Air Power's strong performance in recent months. Our Components division continues its strong start to the year and all of our three divisions have already received important orders in 2009. As our engineering development activity steps up following the recent Volvo letter of intent signature, it is encouraging that our secondary products continue to strongly support the core Dual-Fuel™ business."
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
Related Shares:
CAP.L