25 May 2012

Clean Air nears Volvo deal

17/07/2009 Robert Tyerman

Dual fuel technology specialist Clean Air Power (CAP) says it will sign its intended contract with Volvo ‘by early autumn’.

The High Wycombe-based company, which develops dual fuel combustion technology for heavy-duty diesel engines, signed a letter of intent earlier this year to incorporate this into the Swedish motor manufacturer’s truck engines. AIM-quoted CAP now says the two companies are set to translate the letter of intent into a formal contract.

Steered by chief executive John Pettitt, CAP claims its technology cuts both greenhouse gas emissions and fuel costs of standard diesel engines and achieves 20 per cent greater efficiency than rival technologies. The company reduced its losses by 19 per cent last year to £2.3 million on turnover up 38 per cent to £6.5 million and has won several potentially useful contracts since then.

Floated at £1 three years ago, CAP shares fell heavily to 11.5p at one point over the past year, but the company was able to raise £2.4 million at 21.85p in May. Now 25p, they value the company at £13.8 million.

Tags: AIM, Deals & contracts, Renewables

Sector: Industrial Engineering

Companies: Clean Air Power

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