Clean Air Power Limited US Genesis EDGE Dual-Fuel Distribution Agreement (2491H)
March 12 2015 - 3:01AM
UK Regulatory
TIDMCAP
RNS Number : 2491H
Clean Air Power Limited
12 March 2015
12 March 2015
Clean Air Power Limited
("Clean Air Power")
US Genesis EDGE Dual-Fuel(TM) Distribution Agreement
Clean Air Power (AIM:CAP), the developer and global leader in
compression-ignited natural gas engine systems for heavy duty
vehicles is pleased to announce that it has signed a distribution
partnership agreement with Bruckner Truck Sales, Inc.
("Bruckner's"), the leading Volvo and Mack dealership in the
Southwestern region of the US.
Headquartered in Texas, Bruckner's operates 22 dealerships at
locations across Colorado, Kansas, New Mexico, Oklahoma and Texas.
In partnership with Clean Air Power, Bruckner's will offer a full
installation and support service to the first customers of Clean
Air Power's Genesis-EDGE Dual-Fuel(TM) system in these key launch
states.
The Southwestern region of the US represents an important launch
market for the Genesis-EDGE Dual-Fuel(TM) system due to high diesel
to natural gas price differentials and significant state incentives
for natural gas vehicles. In Colorado, for instance, tax incentives
are available for up to 55% of the capital cost of the system and
Oklahoma offers similar incentives for up to 45% of the capital
cost. Together these factors make the business case for
Genesis-EDGE Dual-Fuel(TM) system compelling, more than halving the
average payback period.
John Pettitt, Chief Executive of Clean Air Power, said: "I am
delighted that we have formalised our partnership with Bruckner's
and are now ready to win the first orders for our Genesis EDGE
Dual-Fuel(TM) product in this key part of the US market. Our
Dual-Fuel(TM) system is the only such system to have achieved full
EPA certification and as a long established Volvo and Mack dealer
with a loyal customer base, Bruckner's is the ideal partner to
support its launch ."
Brian Bruckner, President of Bruckner's Trucks, said: "Demand
for natural gas vehicles in the US is growing and we anticipate
that Clean Air Power's Genesis EDGE Dual-Fuel(TM) system will help
us by offering a differentiated product that delivers real fuel
cost savings ."
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 and manufactures innovative hydraulic valves,
injectors and filters for natural gas engines sold to truck
manufacturers around the world. Clean Air Power's patented
Dual-Fuel(TM) and second-generation MicroPilot 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, directly or through
distributor partnerships, in the US, Europe, Russia and
Australia.
Initially founded in the USA in 1991, over $90m 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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