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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Clean Diesel | LSE:CDT | London | Ordinary Share | COM SHS USD0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 117.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:2386L Clean Diesel Technologies, Inc 16 May 2003 Clean Diesel Technologies, Inc. 300 Atlantic Street, Suite 702, Stamford, CT 06901-2522 Tel: (203) 327-7050 Fax: (203) 323-0461 NEWS RELEASE for May 19, 2003 at 2:30 am EDT and 7:30 am GMT (London time) Contact: Allen & Caron Inc or Clean Diesel Technologies, Inc. Jay F. McKeage (investors) James M. Valentine, President (212) 691-8087 David W. Whitwell, CFO jay@allencaron.com (203) 327-7050 Len Hall (media) (949) 474-4300 len@allencaron.com CLEAN DIESEL TECHNOLOGIES AND MITSUI TEAM TO VERIFY NEW DIESEL PARTICULATE FILTER AND FUEL BORNE CATALYST SYSTEM CDT to Manage Engine and Field Trials, Mitsui to Support Verification Tests STAMFORD, CT (May 19, 2003) ... Clean Diesel Technologies, Inc. (CDT) (EBB:CDTI & AIM:CDT/CDTS) announced today that it has signed a second Memorandum of Understanding (MOU) with Mitsui and Co. and Mitsui's PUREarth Inc. subsidiary to commence field testing and retrofit verification of a PUREarth catalyzed wire mesh filter (CWMF) designed for use with CDT's Platinum Plus(R) fuel borne catalyst (FBC). Initially the CWMF will be manufactured by Mitsui in Japan with application engineering and marketing handled in the US by CDT. CDT will also be responsible for managing the California Air Resources Board (CARB) and EPA verification programs with funding from Mitsui/ PUREarth. Together the companies will be looking for potential marketing and distribution partners in the US to address both the retrofit and new vehicle markets for diesel particulate reductions. Under an earlier MOU the companies had completed engine testing at Southwest Research Institute (SwRI), which demonstrated the ability of Mitsui's CWMF and CDT's FBC to achieve 65 percent particulate matter (PM) reduction along with reductions in HC and CO of over 80 percent while meeting the CARB limit of 20 percent NO2 in the exhaust. Testing was conducted on a 1990 medium heavy-duty engine typical of school bus and local delivery fleets. James M. Valentine, President of CDT, said, "The performance of the FBC/CWMF system provides solid Level 2 reductions in particulates under CARB's Diesel Risk Reduction Program. We are currently arranging installation of devices on refuse and beverage-delivery trucks that are already using Platinum Plus treated fuel for fuel economy and emissions reduction. This type of service represents some of the toughest applications for filters due to the stop-and-go duty cycle and low exhaust temperatures which tend to plug traditional filters. These field data will be used along with engine test results to support verification with CARB and EPA." According to Valentine, the Platinum Plus FBC reduces engine-out emissions by 15-30 percent by promoting more complete in-cylinder combustion; and the specially catalyzed wire mesh filter captures the remaining particulate which is then oxidized by the presence of catalyst on the filter surface and catalyst from the FBC which is tightly bound in the soot. This dual action approach to soot oxidation allows for very low temperature operation without the plugging problems of other filter designs. Many of the traditional high efficiency DPFs can only operate on new, cleaner engines, with high exhaust temperature. MORE-MORE-MORE CLEAN DIESEL TECHNOLOGIES TEAMS WITH MITSUI TO VERIFY NEW DIESEL PARTICULATE FILTER AND FBC SYSTEM Page 2-2-2 Traditional heavily catalyzed devices not only cost twice as much, but they also tend to dramatically increase NO2 in the exhaust gas. NO2 is a strong lung irritant and is regulated by the Mining Safety Health Administration in underground mines and by CARB for diesel retrofit technologies. CARB has proposed regulations to control diesel PM from more than 1.2 million existing engines and the FBC/CWMF fills the void left by low efficiency DOCs (20-25 percent) and high cost traditional DPFs. CARB recently issued a technical assessment document which cites the CDT approach as one of the technologies likely to be broadly applicable to refuse trucks. The FBC/CWMF system should also be attractive to school bus and private delivery fleets under EPA's voluntary diesel retrofit program, who will recognize that 65 percent reduction from a high emissions ten year old vehicle is a lot more reduction than 85 percent from a new and relatively clean engine. About Mitsui & Co., Ltd. Mitsui & Co., Ltd. is one of world's largest and most diversified international trading companies, with business extending from chemicals to steel and metals to transportation machinery. Its Inorganic Chemical Group, together with a unit of Mitsui & Co.(USA), Inc., Mitsui's wholly-owned U.S. subsidiary headquartered in New York City, is working with several industrial partners active in engineering, fuels and heavy-duty vehicles to address diesel engine emissions in Japan. Mitsui has formed a wholly owned subsidiary, PUREarth to address diesel particulate emissions and has a 50 percent ownership in Denox Inc. focused on diesel NOx control. Mitsui holds the exclusive license on CDT's ARIS NOx control technology for Japan. About Clean Diesel Technologies, Inc. Clean Diesel Technologies, Inc. is a specialty chemical company with patented products that reduce emissions from diesel engines while simultaneously improving fuel economy and power. Products include Platinum Plus(R) fuel catalysts and the ARIS(R) 2000 urea injection systems for selective catalytic reduction of NOx. Platinum Plus and ARIS are registered trademarks of Clean Diesel Technologies, Inc. For more information contact Clean Diesel Technologies directly, or visit their web site at www.cdti.com. Certain statements in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known or unknown risks, including those detailed in the Company's filings with the Securities and Exchange Commission, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. # # # # This information is provided by RNS The company news service from the London Stock Exchange END MSCNKAKNCBKDBPD
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