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Clean Air Power Ltd

  • BY: Andrew Hore |
  • POSTED: 04/04/2013 |

Dual-Fuel engine management technology developer Clean Air Power Ltd more than doubled the revenues from its Dual-Fuel technology.

Revenues improved from £4.59m to £7.94m. Components revenues were flat at £1.3m and all of the growth came from the Dual-fuel operations. The growth came in Europe and the US. Dual-Fuel system sales in Europe improved from 70 to 300 units as Volvo started production of heavy duty trucks using the negine management system. Sainsbury’s ordered 49 Genesis-EDGE Dual-Fuel systems during the period. US revenues include $1.3m of development costs paid by Navistar.

Clean Air Power has a two year research project with Brunel University for the development of the next generation of its technology. The company is seeking a truck manufacturing partner in the US. The Genesis-EDGE product is being developed for the North American market nd costs have been slightly higher than expected. Production could start at the beginning of 2014.

The 2012 loss was barely changed at £2.22m but this was after an increase in amortisation from £311,000 to £1.02m. The amortisation figure was higher than the spending on intangible assets in the period. 

There was £3.2m in the bank at the end of 2012. Even at the 2012 rate of cash outflow that will last more than 12 months.

Dual-Fuel system orders already exceed 150 in 2013.

At 10.62p a share, down 0.5p, Clean Air Power is valued at £18.8m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFMarch2013_42.pdf

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