Clean Air Power Limited (AIM:CAP) – US$2.6m US Grant Funding Win but where do they actually fit
The developer of dual-fuel engine management software for heavy duty vehicles has announced an agreement to receive a grant to support its development of a Genesis EDGE Dual-Fuel™ product for the important US market.
The commencement of this Program will deliver a US Genesis product certified to US2010 emissions levels and enable the Company to access the growing demand in the US for natural gas vehicles i.e. a huge opportunity The Group will receive approximately $2.6m between May 2013 and October 2014 to produce, demonstrate and refine a commercially viable Dual-Fuel product for the US market. Based on the assumption that the current Program timeline and deliverables are met, the majority of the funds are expected to be received by end December 2013. To receive the funds Clean Air Power has to satisfy certain…