Clean Air Power Limited Trading Update (0004R)
23 6월 2015 - 11:33PM
UK Regulatory
TIDMCAP
RNS Number : 0004R
Clean Air Power Limited
23 June 2015
23 June 2015
Clean Air Power Limited
("Clean Air Power" or the "Group")
Trading Update
Clean Air Power (AIM: CAP), the global leader in the development
and delivery of compression-ignited natural gas systems and
software for heavy duty vehicles, today provides a trading
update.
Trading Update
In South East Asia, the project gateway meeting was rescheduled
for June, with the outcome being that the global truck manufacturer
(the "Partner") requested an extension to the first phase of its
production development program for a MicroPilot compression-ignited
natural gas engine for the South East Asian and other markets. The
extension, which is being finalised and is expected to last four to
six months, will collect additional data under a broader range of
test conditions, including testing with natural gas compositions
from different local markets. Other program activities, including
the development of the engine management control system, will
continue during this extension period. The project gateway to
proceed to the full production program will now take place after
this extended first phase and, if this extension phase is
successful, it is expected that the start of production will be
late 2017.
In addition, the Group has signed a supplementary contract to
install a demonstration engine at one of the Partner's facilities
in South East Asia in order to showcase the technology to the
Partner's key stakeholders. The contract is worth $90,000 and,
coupled with the $1 million contract announced in February 2015 to
design and deliver a demonstration vehicle, is a clear statement of
the Partner's commitment to the development program.
In the US, early sales of the Group's Genesis-EDGE Dual-Fuel(TM)
product have been considerably slower than expected, with lower oil
prices creating short-term uncertainty with some potential
customers. Clean Air Power is continuing to work with its
distribution partners, Bruckner Truck Sales, Inc. and TEC
Equipment, Inc. to market the product in the Southwestern and West
Coast states, particularly in those states where grants towards the
capital cost are available and diesel to natural gas differentials
continue to support the business case. A series of promotional
events aimed at leading fleet operators is being rolled out.
The Russian market remains challenging due to the economic
situation. However, exchange rates and interest rates have reduced
from the highs seen at the start of the year and the Group has
recently received expressions of interest on attractive
opportunities for its Dual-Fuel(TM) product. The Group continues to
work closely with the Russian subsidiary of its European OEM
partner to position itself for a future recovery in this
market.
Funding Update
In its 2014 Preliminary Results statement, Clean Air Power
described the trading and financing risks that resulted in there
being an uncertainty over the Group's ability to continue as a
going concern. In order to address this uncertainty, the Group has
identified options for alternative funding which would provide
headroom in the business and finance growth in 2015. Having
reviewed these alternative funding options in light of the delay in
moving to the full production phase of the South East Asia project
and the current trading position in the US and Russia, the Board
has decided to undertake a more comprehensive review of the Group's
short-term options and is in the process of appointing financial
advisers to assist with this process.
John Pettitt, Chief Executive of Clean Air Power, said:"With its
strong patents, highly sophisticated engine control systems, years
of know-how and the growing demand for natural gas vehicles
worldwide, Clean Air Power continues to have the potential to
deliver significant value. We believe that the recent decision by
the United States Environmental Protection Agency to target a
reduction in CO(2) for heavy duty trucks will be a benefit for our
technology which reduces CO(2) by 20%. However, we operate in a
global market where short-term economic uncertainties, particularly
around oil prices, and the long development lead times that OEMs
work to, over which we have little influence or control, create
significant challenges for our business with its limited resources.
The Board has, therefore, decided to initiate a more comprehensive
review of the short-term options available to the Group with the
principal aim of providing the financial stability that the Group
needs."
For further information, please contact:
Clean Air Power Tel: +44 (0)1772
John Pettitt, Chief Executive 624 499
Neill Skinner, Chief Financial Officer
Citigate Dewe Rogerson Tel: +44 (0)20
Malcolm Robertson 7282 2867
Chris Gardner Tel: +44 (0)20
Panmure Gordon 7886 2500
Corporate Finance Tel: +44 (0)20
Freddy Crossley / Atholl Tweedie 3540 1721
Corporate Broking
Tom Salvesen
Peat & Co
Charlie Peat
John Beaumont
Notes to Editors
About Clean Air Power
Clean Air Power designs, develops and delivers diesel ignited
natural gas engines for heavy duty transport applications. Clean
Air Power's technology substantially cuts 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 GBP50m has been
invested in developing the technology with the result that 69
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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