Kirchner Transition Management is a shareholder in Clean Air Power and acted as an advisor and interim CEO of Clean Air Power in a project from October 2004 through August 2005, working with an Executive Committee of the Board to strengthen and build the business, reduce costs, relocate the headquarters to the U.K., and assist the Board in hiring a permanent UK CEO. We also assisted in the presentations and discussions with investment bankers regarding listing the company on AIM.
28 February 2006 – Clean Air Power (AIM:CAP), the company behind Dual-FuelTM technology, is pleased to announce its successful flotation on AIM today, in conjunction with a placing of 10,000,000 common shares at 100p pence per common share, raising £10.0m (gross). Clean Air Power will have a market capitalisation of approximately £26.3 million at the placing price on admission.
Clean Air Power provides Dual-FuelTM technology that enables heavy-duty diesel engines to operate on a combination of diesel and natural gas without jeopardising diesel engine performance. The current and forecast cost differential between diesel and natural gas provides significant fuel cost savings to operators and there is further benefit in the emissions reduction associated with natural gas vehicles.
Management, significantly enhanced in 2005 and early 2006 with the addition of John Pettitt as CEO, Steve Whelan as Technology Director and Peter Rowse as Financial Director, have strong commercial and technical expertise including 25 years’ collective experience in diesel engineering and Dual-FuelTM technology. Chairman Rodney Westhead is chairman of Carter & Carter plc and a senior non-executive director of Mouchelparkman plc and has served as Group Chief Executive of Ricardo plc.
John Pettitt, Chief Executive Officer, commenting on Clean Air Power’s admission to AIM, said:
“Our unique technology offers operators an opportunity to realise highly significant cost savings. The prospects for developing our presence in UK, Australian and US markets are exciting and we look forward to delivering reductions in both costs and emissions to customers.”
For further details
Clean Air Power John Pettitt, Chief Executive Peter Rowse, Finance Director
Tel: +44 (0) 1772 624499 Buchanan Communications Charles Ryland/Ben Willey/Elly Williamson
Tel: +44 (0)20 7466 5000 Canaccord Adams Robert Finlay/Erin Needra
Tel: +44 (0)20 7518 2777