News blog

Clean Air Power Ltd

  • BY: Andrew Hore |
  • POSTED: 03/09/2015 |

Clean Air Power Ltd is selling its dual-fuel technology business to its rival Vayon Holdings because it could not raise the cash it needed to continue to invest in the business. 

Northamptonshire-based Vayon (www.vayongroup.com) is acquiring the Clean Air Power business through Hardstaff Dual Fuel technology, which it acquired in April. Vayon, which is about two years old, specialises in electric and hybrid power systems and parts. Other subsidiaries include electric and hybrid vehicle systems integrator Frost EV, high-voltage lithium battery systems supplier Goodwolfe Energy and battery management company Ashwoods Energy.

Clean Air Power had £2.1m in the bank at the end of 2014 but that is less than the cash outflow during 2014. The payment for the business is £250,000 plus net cash on completion but this is subject to renegotiating a US lease. There will also be transaction costs so there will be little cash left.

Joint provisional liquidators have been appointed in Bermuda for Clean Air Power and its subsidiaries. Any return to shareholders is expected to be minimal.

The decline in the oil price reduced the attractiveness of the dual-fuel technology and there were delays in securing an agreement with a south east Asia-based truck maker, which extended the testing programme.

Trading in the shares was suspended at 0.62p.

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