Clean Air Power Ltd., developer of the proprietary Dual-Fuel diesel/natural gas system for heavy-duty trucks, has raised approximately $7.8 million in new capital through the issuance of common shares.
According to Clean Air Power, the company will use the funds to drive sales and marketing efforts for its natural gas systems in the U.S. and Russia, as well as to bolster the firm's overall balance sheet and level of working capital.
In the U.S., Clean Air Power will soon begin trial runs of its product in 10 Class 8 assets operated by ‘an international parcel delivery company,’ the company says. Commercial production of the firm's Genesis-EDGE product is expected to start in early 2014.
‘We are delighted to have completed a successful fundraising with strong support from existing and new shareholders,’ says John Pettitt, CEO of Clean Air Power. ‘[It] confirms the huge potential of our Dual-Fuel technology and firmly endorses our strategy to develop markets in Europe, the U.S. and Russia.’