Clean Air Power ahead of the game
HI-tech firm Clean Air Power has announced revenues of £6.8m, marginally ahead of expectations for the financial year ending in December.
Unaudited figures put the compression-ignited natural gas engine management software for heavy duty vehicles specialist narrowly in front of the £6.6m projected figure.
It’s net cash position at year end is £2.1m. Excluding timing differences, mainly payments budgeted for January but received in December, the underlying cash position at year end was £1.4m ahead of the expected £1m.
Chief executive John Pettitt said: “Actions taken to control costs and tight management of cash resources has resulted in our cash position being stronger than anticipated.
“This has provided additional headroom for the company to continue to deliver on its strategy to transition the business to a design, development and delivery partner to OEMs and Tier 1 suppliers.”
Meanwhile, has welcomed publication by Ricardo Inc.(“Ricardo”) of its Q4 Quarterly Review, which highlights the benefits of dual-fuel technology and reaffirms its commitment to the co-operation agreement signed with Clean Air Power in September 2013 for the development and application of the company’s MicroPilot technology.
Clean Air Power is currently collaborating with Ricardo on the first phase of a production development program for a MicroPilot diesel-natural gas engine for the South East Asian and other markets under a contract with a global truck manufacturer.
The programme will generate revenues of more than $3million in the period to April 2015 and, if successful, will move to a second phase targeting the start of production in 2017.
“Ricardo is a world renowned engineering company and its continuing support is a major endorsement of the quality of our MicroPilot technology and the potential for the use of natural gas as a road fuel,” added Pettitt.