Clean Air Power's US ambitions take a knock
Dual-fuel combustion technology developer Clean Air Power has alerted the market to recent management changes at its development partner, Navistar, which could have implications for the firms' collaboration agreement.
Dual-fuel combustion technology developer Clean Air Power has alerted the market to recent management changes at its development partner, Navistar, which could have implications for the firms' collaboration agreement.
"It was announced on 7th June 2012 that Navistar has instigated a major management restructure and the directors of Clean Air Power can have no certainty as to the outcome or effect of these changes," the company statement advised.
Navistar International recently demonstrated a prototype of its 2011 International ProStar+ tractor which is powered by a dual-fuel engine developed in partnership with San Diego-based Clean Air Power.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
As if the uncertainty over its relationship with Navistar were not bad enough, Clean Air Power warned that it is taking longer than expected getting original equipment manufacturers (OEMs) to get on board with the idea of a product for the US market.
Following the success of the Genesis EDGE proprietary system in Europe, the directors are evaluating the development of this system for the US market, to complement the current OEM discussions and meet customer demand in the short to medium term.
"The opportunities in the US market are very large and the directors remain focussed on delivering a product to capitalise on this market demand," revealed John Pettitt, Chief Executive Officer of Clean Air Power.
On the positive side, UK supermarket colossus Sainsbury has placed an additional order for 25 units of the US firm's Genesis EDGE Dual-Fuel retrofit system, which will be see Sainsbury expand its fleet of Dual-Fuel lorries to 50, 49 of which will be commissioned this year.
JH
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
RICS: Housing market continues to strengthen but 2025 could be challenging
The latest survey by the Royal Institution of Chartered Surveyors reports a resilient UK housing market, but warns of headwinds next year
By Ruth Emery Published
-
Bitcoin price one of the most-asked questions on Alexa - here's how to buy the cryptocurrency
According to figures from Amazon, which cover September 2023 to November 2024, pop star Taylor Swift and Bitcoin were named among the most popular Alexa queries of 2024
By Chris Newlands Published