25 May 2012

Clean Air Power raises £2.4m

Results for 2008 show revenues up 38 per cent.

14/05/2009 Robert Tyerman

Dual fuel technology specialist Clean Air Power (CAP) has raised £2.38 million after boosting revenues and cutting losses.

The AIM-quoted company, which reduced losses 19 per cent to £2.34 million last year on revenues up 38 per cent to £6.5 million, says the placing money, raised at 21.85p a share, will go towards product development, working capital and co-operation with other manufacturers. Under the terms of a financing package agreed in March, Endeavour Capital Management has backed the placing and will emerge with 35.5 per cent of High Wycombe-based CAP and warrants covering another 19.2 per cent.

So far this year, CAP, whose ‘Dual Fuel’ technology enables heavy-duty diesel engines to run on a combination of diesel and natural gas, has signed a letter of intent with Volvo to incorporate Dual Fuel with the Swedish motor group’s lorry engines, sold five ‘Genesis’ Dual Fuel conversions to Sainsbury and won several other orders. Floated at £1 three years ago, CAP shares had collapsed to 11.5p by last December, but have doubled since Growth Company Investor’s January mention to 28p.

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Tags: Fundraisings, Growth Stocks, Renewables

Sector: Industrial Engineering

Companies: Clean Air Power

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