News blog
Clean Air Power Ltd
- BY: Andrew Hore |
- POSTED: 19/07/2010 |
- COMMENTS: Add yours
Clean Air Power Ltd says that delayed sales mean that 2010 revenues will be lower than expected.
This will also hamper cash generation during the year and a cash call may be required. A loss of £1.1m had previously been forecast for 2010. The sales have not been lost and they should come through later this year or next year.
Clean Air’s Dual-Fuel combustion technology enables heavy-duty diesel engines to run on a combination of both diesel and natural gas.
The good news is that a five year supply and development agreement has been signed with Volvo Powertrain. The deal covers truck engines and comes about following an initial agreement at the beginning of 2009. The Dual-Fuel technology could make the engines 30% more efficient. Commercial trials will begin in the UK, Sweden and Thailand.
There is also a development agreement with Volvo Bus worth £160,000. This will enable the buses to run on Dual-Fuel.
Clean Air lost £2.44m on revenues of £5.79m in 2009. There was £2.94m in the bank at the end of 2010.
At 14.5p a share, down 2p on the day, Clean Air is valued at £8.12m.
See more quoted cleantech company news on http://www.quotedcleantech.com
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