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Clean Air Power rallies as revenues surge

Published: 18:14 16 Jul 2012 AEST

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Clean Air Power (LON:CAP) reported that trading in the first half of the year has been encouraging with revenues showing a significant improvement from a year earlier.

The owner of the Dual-Fuel combustion technology, which enables heavy-duty diesel engines to operate on a combination of diesel and natural gas, reported that revenues rose to £3.9 million from £2.1 million in the first half of 2011.

Clean Air said it delivered 100 systems during the period and that it has had 250 orders during 2012 for both the Genesis EDGE system and European OEM product.

As a result of a strong demand for its products in Europe, the group has now initiated an evaluation of the Genesis EDGE product for the North American market.

Investors cheered the statement, sending shares in Clean Air Power up 12.5 per cent to 11.25 pence by 9am, giving it a market cap of £15.2 million.

"We are gaining very encouraging traction in the European Market with increasing customer demand, a growing order book and a new product offering,” said chief executive of Clean Air Power John Pettitt.

“Thanks to the increasing customer interest we are confident of the outlook going into the second half of the financial year.

“We have a clear strategy for the North American market both in the short and medium term and will provide further updates following the evaluation study.”

 

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