Date: Friday 15 Jun 2012
LONDON (ShareCast) - 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.
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.
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