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CAP dual-fuel engine sales and orders exceed 400 units to date in 2013, compared to 300 in all of 2012

3 December 2013

Clean Air Power (CAP) announced that demand for its Dual-Fuel products has resulted in systems sold to date in 2013 and forward orders from customers exceeding 400 units. This compares to 300 system sales during the whole year ended 31 December 2012. The level of unit sales is marginally behind current market expectations for the year, however as a result of the different sales mix the reported loss for the period to 31 December 2013 is now anticipated to be marginally smaller than market forecasts.

CAP said it achieved the increase in sales and forward orders in 2013 despite constraints on expected production levels of methane-diesel vehicles by its European OEM partner ahead of the introduction of Euro 6 emissions standards in Europe in 2014.

CAPP expects demand for its dual-fuel systems to increase in 2014 due to interest from several large UK fleet operators and the opening of a number of new natural gas refueling stations. In addition, there will be an increased supply of vehicles available to retrofit as a result of the high level of late Euro 5 vehicle purchases made by operators ahead of the imminent change to Euro 6, the company suggested.

Clean Air Power continues development of a Genesis Edge Dual-Fuel product suitable for the US market. Two trucks installed with the US product have been delivered to a global parcel company for trial and optimization, with a further eight to be delivered before the end of the year.

The high level of activity on the US project has generated a slight increase in the level of grant revenue now expected in 2013 from the Californian Energy Commission. However, largely due to previously disclosed commissioning issues with a sub contractor’s test cells, the launch of the US product is now expected in the second quarter of 2014.

Clean Air Power is also developing the large Russian market where major gas supply companies are investing heavily in natural gas refueling infrastructure. In October, the Company exhibited at GasSUF International Exhibition for Gas-Powered Vehicle Technologies in Moscow. Its demonstration Dual-Fuel vehicle has already been delivered and is operating in Russia with orders having been received for three more demonstration units.

CAP said that its medium-term goal remains to develop OEM relationships; this strategy has been greatly benefited by the co-operation agreement signed with Ricardo in September. In partnership with Ricardo, discussions are on-going and tangible progress has been made with major manufacturers and other partners to develop OEM products in Europe, US and Japan.

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