First commercial agreement using proprietary SPGM™ DOC technology in powder form
OXNARD, Calif., Nov. 17, 2015 (GLOBE NEWSWIRE) -- Clean Diesel Technologies, Inc. (Nasdaq:CDTI) ("CDTi" or "the Company"), a leader in advanced emission control technology, has agreed with Panasonic Ecology Systems Co., Ltd. to supply its new synergized-platinum group metal (SPGM™) diesel oxidation catalyst (DOC) for the China heavy duty on-road and off-road retrofit markets. Panasonic Ecology Systems Co., Ltd. manufactures and sells environmental systems for the Panasonic Group.
Panasonic Ecology Systems will combine its proprietary diesel particulate filter technology with CDTi's SPGM DOC technology for the heavy duty diesel retrofit market in China. In the first phase, CDTi will supply substrates coated with CDTi's SPGM DOC technology, with a planned transition to CDTi providing its proprietary SPGM DOC powder to Panasonic to coat onto substrates in its China factory. The first SPGM DOC shipments are targeted for the fourth quarter of 2015.
"Our agreement with Panasonic Ecology Systems is an important milestone in our plan to make CDTi's latest advanced materials technology broadly available in a proprietary powder," Matthew Beale, CDTi's Chief Executive Officer, stated. "With approximately six to seven million heavy duty diesel vehicles requiring retrofit, China represents a substantial new market for us. Panasonic's selection of our SPGM DOC technology is a key validation of our powder-to-coat (P2C™) business model. We look forward to working with this major global organization to commercialize our groundbreaking SPGM DOC technology."
"Panasonic aims to reduce harmful diesel exhaust emissions in the most cost effective and energy efficient way," Katsushige Hayashi, Managing Director of Panasonic Ecology Systems stated. "Combining these two advanced technologies creates significant value for the retrofit market. Our DOC-DPF system uses 80% less platinum at reduced fuel penalty by treating exhaust fumes at a temperature 20% lower than standard catalysts."
The Diesel Oxidation Catalyst (DOC) is a major component of diesel emission control systems. Competitor designs typically use high levels of PGMs, whereas CDTi's SPGM DOC reduces PGM usage by over 80%. More information on CDTi's SPGM DOC technology can be found at http://www.cdti.com/spgmdoc.
CDTi manufactures and distributes vehicle emissions control products that leverage its advanced materials technology. CDTi's proprietary technologies provide high-value sustainable solutions to reduce hazardous emissions, increase energy efficiency and lower the carbon intensity of on- and off-road combustion engine systems. With a continuing focus on innovation-driven commercialization and global expansion, CDTi's breakthrough Powder-to-Coat (P2C™) technology exploits its high-performance, advanced low-platinum group metal (PGM) emission reduction catalysts. Key technology platforms include Mixed Phase Catalyst (MPC®), Base Metal Activated Rhodium Support (BMARS™), Synergized PGM (SPGM™), Zero PGM (ZPGM™) and Spinel™. Headquartered in Oxnard, California, CDTi has operations in Canada, Japan, the United Kingdom and Sweden. For more information, please visit www.cdti.com.
Certain information contained in this press release constitutes forward-looking statements, including any statements that are not statements of historical fact. You can identify these forward-looking statements by the use of the words "believes", "expects", "anticipates", "plans", "may", "will", "would", "intends", "estimates", and other similar expressions, whether in the negative or affirmative. Forward-looking statements are based on a series of expectations, assumptions, estimates and projections which involve substantial uncertainty and risk. In this document, the Company includes forward-looking statements regarding its contemplated relationship with Panasonic Ecology Systems, including the Company's potential entry into the China market and anticipated shipment dates. In general, actual results may differ materially from those indicated by such forward-looking statements as a result of risks and uncertainties, including, but not limited, to (i) that the Company may not be able to (a) meet expectations or projections, including anticipated shipment timing and transition into supply of the Company's proprietary SPGM DOC powder to Panasonic; (b) decrease costs; (c) increase sales; (d) obtain adequate funding; (e) retain or secure customers; (f) increase its customer base; (g) protect its intellectual property; (h) successfully evolve into an advanced materials supplier or, even if successful, increase profitability; (i) successfully market new products; (j) obtain product verifications or approvals; (k) attract or retain key personnel; or (l) realize benefits from investments; (ii) funding for and enforcement and tightening of emissions controls, standards and regulations; (iii) prices of PGM and rare earth metals; (iv) royalty and other restrictions on sales in certain Asian countries; (v) supply disruptions or failures; (vi) regulatory, marketing and competitive factors; (vii) environmental harm or damages; and (viii) other risks and uncertainties discussed or referenced in the Company's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K. In addition, any forward-looking statements represent the Company's estimates only as of the date of such statements and should not be relied upon as representing the Company's estimates as of any subsequent date. The Company specifically disclaims any obligation to update forward-looking statements. All forward-looking statements in this press release are qualified in their entirety by this cautionary statement.
Source:Clean Diesel Technologies, Inc.