Could Clean Air Power’s (CAP:AIM) miserable run on the stock market be coming to an end? Listed at a price in excess of 100p a share in 2007, it has traded for pennies over the last four years. News today that its gas engine converter for diesel trucks has been approved for use in 49 US states saw the shares soar, jumping 40%-plus to 2.5p.
Entry to the US is a key part of Clean Air's plans to try and achieve scale.
‘I am delighted that we are now in the final stages of our preparations for the commercial launch of our Genesis EDGE Dual Fuel product in the large and rapidly growing US market,’ says chief executive John Pettitt.
The approval was granted by the US Environmental Protection Agency and is valid across all of the states apart from California, where a separate application has been lodged.
Dual Fuel is part of a 65-strong patent portfolio (held and pending) owned by Clean Air. Its main product converts diesel compression engines into gas combustion motors, reducing fuel costs by as much as £12,000 a year according to company estimates.